{"data":{"id":"us-sc/s.c.-code-ann.-34-7-40","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 34-7-40","heading":"Petition and order for reorganization meeting.","body":"In the event as many as five per cent in number and amount of depositors and stockholders file a petition, duly verified, with the resident or presiding judge of the circuit in which such bank is situate, setting forth that, in their opinion:\n(1) It would be to the advantage of the depositors and unsecured creditors to reorganize and reopen such bank for business;\n(2) Under such reorganization plan the depositors and unsecured creditors would receive a larger percentage of their claims than would be paid under a liquidation in court; and\n(3) It is feasible to reopen the bank on such plan;\nAnd should such representations appear to the satisfaction of the judge to be true, the court shall fix by order a time and place for the holding of a meeting of depositors, creditors and stockholders of such institution for the purpose of considering and determining upon a plan for the reorganization and reopening of such institution.","path":["Title 34 - BANKING, FINANCIAL INSTITUTIONS AND MONEY","CHAPTER 7 Reorganization of Insolvent Banks"],"source_url":"https://www.scstatehouse.gov/code/t34c007.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:05:39Z","sha256":"ef14ef97a5dc660adfec44a275737e439c2462c188663d725052126f11df3ff7","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-34-7-30","next":"us-sc/s.c.-code-ann.-34-7-50"},"notice":"GroundRules: Original legal text. Not legal advice."}