2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 7 - REORGANIZATION OF INSOLVENT BANKS
Section 34-7-60. Adoption of plan; quorum and vote required; no appeal.
Before any such meeting shall be authorized to determine upon any plan of reorganization it must appear that not less than fifty per cent of depositors, unsecured creditors and stockholders are present or duly represented. In the event that two thirds in number and amount of all depositors, unsecured creditors and stockholders present at such meeting agree upon a plan of reorganization by resolution duly adopted and recommend the plan to the resident or presiding judge of such circuit, then the court, if it appear to its satisfaction that such plan will be to the best interest of all parties, may by proper judgment order approve such plan, and order the reorganization and reopening of such institution. No appeal shall be allowed or taken from such order.
HISTORY: 1962 Code Section 8-316; 1952 Code Section 8-316; 1942 Code Section 7874; 1932 (37) 1183.
