{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.75","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.75","heading":"Reorganization plan","body":"A. A plan of reorganization shall not be acceptable unless:\n\n1. Such plan is feasible and fair to all classes of depositors,\n\ncreditors and stockholders;\n\n2. The aggregate face amount of the interest accorded to any\n\nclass of depositors, creditors or stockholders under the plan does\n\nnot exceed the value of the assets upon liquidation less the full\n\namount of the claims of all prior classes, subject, however, to any\n\nfair adjustment for new capital that any class will pay in under the\n\nplan;\n\n3. Such plan provides for the issuance of capital stock and, if\n\nnecessary, debentures in an amount that will provide an adequate\n\nratio to deposits;\n\n4. Any exchange of new common stock for obligations or stock of\n\nthe association will be effected in inverse order to the priorities\n\nin liquidation of the classes that will retain an interest in the\n\nassociation and upon terms that fairly adjust any change in the\n\nrelative interests of the respective classes that will be produced\n\nby the exchange;\n\n5. The plan assures the removal of any director, officer or\n\nemployee responsible for any unsound or unlawful practice or the\n\nexistence of an unsound condition; and\n\n6. Any merger or consolidation provided by the plan conforms to\n\nthe requirements of this act.\n\nB. Whenever, in the course of reorganization, supervening\n\nconditions render the plan unfair or its execution impractical, the\n\nState Banking Commissioner may modify the plan or liquidate the\n\nassociation. Any such action shall be taken by order of the\n\nCommissioner upon appropriate notice.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"70c3b26c6aa5af28bbd223a31f1f8f444638b51a5a29de9f22ce9e21d1d512bd","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.74","next":"us-ok/okla.-stat.-tit.-18-18-381.76"},"notice":"GroundRules: Original legal text. Not legal advice."}