(205 ILCS 620/6-8) (from Ch. 17, par. 1556-8)
Sec. 6-8.
The Commissioner, while in possession and
control of a corporate fiduciary may propose a reorganization
plan, which plan may be amended from time to time because of
changes in circumstances, if he finds:
(1) The plan is feasible and fair to all classes of
beneficiaries, creditors and stockholders.
(2) The face amount of the interest accorded to any class
of creditors or stockholders under the plan does not exceed the
value of the assets upon liquidation less the full amount of the
claims of all prior classes, subject, however, to any fair
adjustment for new capital that any class will pay in under the
plan.
(3) The plan assures the removal of any director, officer
or employee responsible for any unsound or unlawful action or the
existence of an unsound condition.
(4) Any merger or consolidation provided by the plan
conforms to the requirements of this Act.
(5) Any reorganized corporate fiduciary provided by the plan
conforms to the requirements of this Act for the organization of
a corporate fiduciary.
(Source: P.A. 85-1402.)
|