§ 27-1-24 - Meetings to approve reorganization plan – Filing of approved plan. - Rhode Island Statutes

SECTION 27-1-24

   § 27-1-24  Meetings to approvereorganization plan – Filing of approved plan. – On the application by a receiver, the court may enter an order determining, inaccordance with the provisions of § 27-1-26, the various classes ofcreditors and stockholders, and may order a meeting of the creditors or classesof creditors and stockholders or classes of stockholders, or separate meetingsof the creditors or classes of creditors and stockholders or classes ofstockholders, the meeting or meetings to be summoned in a manner or upon anynotice as the court may direct. The receiver shall preside at all meetings ofcreditors and/or stockholders held pursuant to the order. If the holders of twothirds ( 2/3) in value of the claims held by each class of creditors, acting inperson or by proxy, and the holders of a majority in number of shares of eachclass of stockholders, acting in person or by proxy, agree to the plan or toany amendment and to any reorganization of the company as a consequence of theplan, the receiver shall, within five (5) days after the approval, file theplan as originally submitted or as amended and his or her petition forinstructions with reference to the plan with the court. The court shall orderthe plan as filed or as amended and the petition set down for hearing before itat a time and subject to further notice as may be provided in the order.