A. The consents required by section 6-489 may be given before the plan is presented to the court, or after the presentation and before the court has approved it, or after approval. If, at the time the plan is approved by the court, the required consents have not been given, the order of court may provide that on satisfactory proof of the fact that the required consents have been given, a further order may be entered ex parte providing that the plan shall become operative which shall be binding on the deputy director, the association, all holders of accounts and of shares of guaranty capital, creditors, and all other persons affected thereby.

Terms Used In Arizona Laws 6-490

  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Division: means the financial institutions division within the department. See Arizona Laws 6-101
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • securities: as used in this article in respect to any plan, includes not only shares of guaranty capital and evidences of accounts issuable by an association under the laws of this state, but also shares of stock of one or more classes issuable by corporations generally, and bonds, notes, debentures, evidences of indebtedness, certificates of interest or participation and collateral trust certificates. See Arizona Laws 6-493

B. The superior court in which the petition is pending is given jurisdiction to determine all questions required to be determined in respect to any plan including, without limiting the generality of the foregoing, the following:

1. Whether a plan, either in its original or modified form, is fair and equitable.

2. Whether it discriminates in favor of any class of holders of accounts, creditors or other persons affected thereby.

3. Whether it is feasible.

4. Whether the terms and conditions of the proposed issuance and exchange of securities thereunder are fair and to approve or disapprove the terms and conditions.

5. The total liabilities of the association.

6. The conditions requisite to the plan becoming operative, including jurisdiction to determine, for the purposes of the plan and the consents, the division of the creditors and other persons affected by the plan into classes according to the nature of their respective claims and interests.

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