17:9A-162 - Approval of plan by the court - New Jersey Statutes

17:9A-162.  Approval of plan by the court
    The proposed plan may be modified under the direction of the court.  If, after a hearing, the court shall find that the plan, as proposed or modified,

    (1) complies with the provisions of this article,

     (2) is fair, equitable and feasible, and,

     if the plan is proposed by the bank,

    (3) that the persons who will be the directors and officers of the bank upon  reorganization, possess capacity and fitness for the duties and responsibilities with which they will be charged;  and

    (4) that the interest of the public will be served to advantage by the adoption of the plan,

     it shall approve the plan and fix a time within which the creditors and stockholders adversely affected thereby may accept or reject the plan.

     L.1948, c. 67, p. 297, s. 162.  Amended by L.1953, c. 17, p. 172, s. 30.