Page:United States Statutes at Large Volume 48 Part 1.djvu/30

 4 Conse nt of deposi- tors representing 75 per cent of deposits, etc. Or stockholders. Depositors and other creditors. Proviso . Satisfied claims to be deducted. Disposition of rec- ords, assets, etc ., on reorg aniz ation. Plan to apply equally. Segre gati on o f de- posits to cease. Proviso. Notice before turn- ing back control. To be furnished each depositor. 73d CONGRESS. SESS. I. CH.1. MAR CH 9, 1933 . itors and stockholders and is in the public interest and shall have approved the plan subject to such conditions, restrictions and limita- tions as he may prescribe and (2) when, after reasonable notice of such reorganization, as the case may require, (A) depositors and other credit ors of such b ank represent ing at least 7 5 per cent in amount of its total deposits and other liabilities as shown by the books of the national banking association or (B) stockholders own- ing at least two-thirds of its outstanding capital stock as shown by the books of the national banking association or (C) both depositors and other creditors representing at least 75 per cent in amount of the total deposits and other liabilities and stockholders owning at least two-thirds of its outstanding capital stock as shown by the books of the national banking asso ciation, shal l have consent ed in writing to the plan of reorganization : Provided, however, That claims of depositors or other creditors which will be satisfied in full under the provisions of the plan of reorganization shall not be included among the total deposits and other liabilities of the national banking asso- ciation in d etermining th e 75 per cent thereof as ab ove provided. When such reorganization becomes effective, all books, records, and assets of the national banking association shall be disposed of in accordance w ith the provi sions of the plan and the a ffairs of the national banking association shall be conducted by its board of directors in the manner p rovided by th e plan and und er the condi- tions, restrictions and limitations which may have been prescribed by the Comptroller of the Currency. In any reorganization which shall have been approved and shall have become effective as provided herein, all depositors and other creditors and stockholders of such national ban king associat ion, whether or not they sh all have con- sented to such plan of reorganization, shall be fully and in all respects subject to and bound by its provisions, and claims of all depositors and other creditors shall be treated as if they had con- sented to such plan of reorganization. SEC. 208. After fifteen days after the affairs of a bank shall have been turned back to its board of directors by the conservator, either with or with out a re orga niza tion as prov ided in sect ion 207 here of, the provisions of section 206 of this title with respect to the segre- gation of deposits received while it is in the hands of the conservator and with respect to the use of such deposits to liquidate the indebted- ness of such bank shall no longer be effective : Provided, That before the conservator shall turn back the affairs of the bank to its board of directors he shall cause to be published in a newspaper published in the city, town or county in which such bank is located, and if no newspaper is published in such city, town or county, in a newspaper to be selected by the Comptroller of the Currency published in the State in which the bank is located, a notice in form approved by the Comptroller, stating the date on which the affairs of the bank will be returned to its board of directors and that the said provisions of section 206 will not be effective after fifteen days after such date ; and on the date of the publication of such notice the conservator shall immediately send to every person who is a depositor in such bank under section 206 a copy of such notice by registered mail ad- dressed to the last known address of such person as shown by the records of the bank, and the conservator shall send similar notice in like manner to every person making deposit in such bank under sec- tion 206 after the date of such newspaper publication and before the time when the affairs of the bank are returned to its directors.