§ 53-152. Reorganization on agreement of depositors and stockholders. - North Carolina Statutes

§53‑152.  Reorganization on agreement of depositors and stockholders.

By the agreement of (i)depositors and other creditors of any bank representing at least seventy‑fivepercent (75%) in amount of its total deposits and other liabilities as shown bythe books of the banks, or (ii) stockholders owning at least two thirds of eachclass of its outstanding capital stock as shown by the books of the bank, or(iii) both depositors and other creditors representing at least seventy‑fivepercent (75%) in amount of the total deposits and other liabilities, andstockholders owning at least two thirds of its outstanding capital stock asshown by the books of the bank, any bank may effect such reorganization withthe consent and approval of the Commissioner of Banks as by such agreement maybe determined: Provided, however, that claims of depositors or other creditorswhich will be satisfied in full under the provisions of the plan ofreorganization shall not be included among the total deposits and otherliabilities of the bank in determining the percent thereof as above provided.

When such reorganizationbecomes effective, all books, records and  assets of such bank shall bedisposed of in accordance with the provisions of the plan, and the affairs ofthe bank shall be conducted by its board of directors in the manner provided bythe plan and under the conditions, restrictions and limitations which may havebeen prescribed by the Commissioner of Banks. In any reorganization which shallhave been approved, and shall have become effective as provided herein, alldepositors and other creditors and stockholders of such bank, whether or notthey shall have consented to such plan of organization, shall be fully and inall respects subject to and bound  by its provisions, and claims of alldepositors and other creditors shall be treated as if they had consented tosuch plan of reorganization: Provided, however, that no reorganization shallaffect the lien of secured creditors. (1933, c. 155, s. 5.)