C.R.S. Section 11-103-803
Reorganization plan


(1)

A plan of reorganization shall not be prescribed under this code unless:

(a)

The plan is feasible and fair to all classes of depositors, creditors, and stockholders;

(b)

The aggregate face amount of the interest accorded to any class of depositors, 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 to any fair adjustment for new capital that any class will pay in under the plan;

(c)

The plan provides for the issuance of capital stock and, if necessary, debentures and other securities and instruments in an amount that will comply with the rules promulgated by the banking board;

(d)

Any exchange of new common stock for obligations or stock of the bank will be effected in inverse order to the priorities in liquidation of the classes that will retain an interest in the bank and upon terms that fairly adjust any change in the relative interests of the respective classes that will be produced by the exchange;

(e)

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;

(f)

Any merger or consolidation provided by the plan conforms to the requirements of this code.

(2)

If, in the course of reorganization, supervening conditions render the plan unfair or its execution impractical, the commissioner, upon approval of the banking board, may modify the plan or liquidate the institution. Any such action shall be taken by order of the banking board upon appropriate notice.

Source: Section 11-103-803 — Reorganization plan, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Oct. 20, 2023).

11‑103‑101
General corporate powers
11‑103‑102
Trust, fiduciary, and agency powers - when authorized
11‑103‑103
State bank organized as a limited liability company
11‑103‑201
Capital
11‑103‑202
Inadequacy of capital - assessments
11‑103‑203
Liability of shareholders
11‑103‑301
Incorporators
11‑103‑302
Application fees
11‑103‑303
Application for de novo charter or charter conversion
11‑103‑304
Procedure for granting or denying charter
11‑103‑401
Subscription calls
11‑103‑402
First meetings of stockholders - director’s oath - bylaws
11‑103‑403
Stockholders’ meetings - voting trusts - preemptive right - transfer of stock
11‑103‑404
Waiver of notice - meeting or vote
11‑103‑405
Amendment of articles - change of location - authorized but unissued stock
11‑103‑406
Dividends - when payable
11‑103‑501
Directors and officers
11‑103‑502
Directors’ meetings - duties
11‑103‑503
Waiver of notice - meeting or vote
11‑103‑601
Director and officer insurance and fidelity bonds - legislative declaration
11‑103‑602
Indemnification and personal liability of directors, officers, employees, and agents
11‑103‑603
Deposit insurance - membership in federal reserve system - federal national mortgage association
11‑103‑701
Merger or conversion
11‑103‑702
Approval of merger by directors
11‑103‑703
Approval by banking board
11‑103‑704
Approval by stockholders - rights of dissenters
11‑103‑705
Effective date of merger - certificate
11‑103‑706
Continuation of corporate entity
11‑103‑707
Conversion from state bank to national and vice versa
11‑103‑708
Nonconforming assets
11‑103‑709
Sale of all assets of bank, branch, or department
11‑103‑801
Voluntary liquidation and dissolution
11‑103‑802
Involuntary liquidation by banking board - reorganization
11‑103‑803
Reorganization plan
11‑103‑804
Liquidation by commissioner - procedure
11‑103‑805
Federal deposit insurance corporation or successor as liquidator
11‑103‑806
Assets sold or pledged as security
11‑103‑807
Enforcement of directors’ liability
11‑103‑808
Emergency grant of new charter
11‑103‑809
Emergency grant of branch facility - legislative declaration
11‑103‑810
Preapproved shelf charter
Green check means up to date. Up to date

Current through Fall 2024

§ 11-103-803’s source at colorado​.gov