Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-190. Reorganization of associations

(a) The plan which may include amendment of the articles of incorporation after adoption by the directors shall be submitted to the department for approval. The department may approve such plan if it deems the plan equitable and in the best interests of creditors and members of the association.

(b) The plan of reorganization, if approved by the department, shall be submitted to the members after such notice as may be required by the department.

(c) The plan shall be valid if approved by members holding fifty-one percent of the votes represented in person or by proxy at the meeting where such plan is voted upon, and by creditors holding at least ninety percent of the total amount of all liability of the association to creditors which will not be paid in full under the plan. Creditors who will be paid in full shall have no vote on approval or disapproval of the plan. A plan of reorganization which shall have been approved by the department and adopted by the members and the creditors entitled to vote thereon shall be binding upon all members and creditors of the association whether or not they voted for or consented to the plan of reorganization.