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Can you summarize SDCL Chapter 51A-15?
BANKS AND BANKING > Suspension And Liquidation Of Banks
Short Summary
The legal document, sourced from the South Dakota Codified Laws, specifically addresses the requirements for the adoption of a reorganization plan in the context of the suspension and liquidation of banks. According to the document, a plan of reorganization can only be prescribed if it meets certain criteria. These criteria include feasibility and fairness to all classes of depositors, creditors, and stockholders, ensuring that the value of the interest accorded to any class does not exceed the value of the assets upon liquidation, provision for the issuance of common stock in an adequate ratio to assets, and fair exchange of new common stock for obligations or stock of the bank. Additionally, the plan must ensure the removal of any director, officer, or employee responsible for unsound or unlawful actions or conditions, and any merger or consolidation provided by the plan must conform to the requirements of the title. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
The document applies specifically to directors or receivers involved in the liquidation of banks.
What does it govern?
The legal document governs the suspension and liquidation of banks.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
South Dakota