{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1203","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1203","heading":"Reorganization","body":"A. Standards of plan of reorganization. A plan of\n\nreorganization shall not be prescribed under this Code unless:\n\n(1) the plan is feasible and fair to all classes of depositors,\n\ncreditors and stockholders.\n\n(2) 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\n(3) the 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\n(4) any exchange of new common stock for obligations or stock of\n\nthe bank will be effected in inverse order to the priorities in\n\nliquidation of the classes that will retain an interest in the bank\n\nand upon terms that fairly adjust any change in the relative\n\ninterests of the respective classes that will be produced by the\n\nexchange.\n\n(5) the plan assures the removal of any director, officer or\n\nemployee responsible for any unsound or unlawful action or the\n\nexistence of an unsound condition.\n\n(6) any merger or consolidation provided by the plan conforms to\n\nthe requirements of this Code.\n\nB. Modification or elimination of plan of reorganization -\n\nNotice to Board. Whenever in the course of reorganization\n\nsupervening conditions render the plan unfair or its execution\n\nimpractical, the Commissioner may modify the plan or liquidate the\n\ninstitution. Any such action shall be taken by order of the Board\n\nupon appropriate notice.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"7dc776056a6b0bdb021bcccf6bcfd4de13ef4f2fbccd0ced9d4ebf117b53d90c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1202","next":"us-ok/okla.-stat.-tit.-6-6-1204"},"notice":"GroundRules: Original legal text. Not legal advice."}