Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6040-15. Reorganization

Whenever a compromise or arrangement or any plan of reorganization of a corporation is proposed between a corporation and its creditors, parties to a lending agreement, or shareholders, the court of common pleas of any county within which the principal place of business of the corporation is located, by virtue of its general equity powers, may, on application of the corporation or of any creditor party to a lending agreement or shareholder thereof or on the application of any receiver or receivers appointed for the corporation, order a meeting of such creditors, parties or shareholders, as the case may be, as may be affected by the proposed compromise or arrangement or plan of reorganization, which shall be called in such manner as the court directs. If, at such meeting, such compromise or arrangement or plan of reorganization is agreed to by, or on behalf of, the creditors, if affected thereby, holding two-thirds in amount of the claims against such corporation and by, or on behalf of, the shareholders, if affected thereby, holding the majority of capital stock and by, or on behalf of, the parties to a lending agreement with a corporation, if affected thereby, holding two-thirds in amount of the outstanding notes or other interest-bearing obligations of such corporation, as provided for in section 7 of this act,  1 and if the agreement shall be further evidenced by the written acceptance of said creditors, shareholders and parties duly filed in the court, the compromise or arrangement or plan of reorganization shall, if approved by the court as just and equitable, be binding on all creditors, shareholders or parties, as the case may be, who are affected thereby, and also on the corporation. All persons who become creditors or shareholders of, or parties to, a lending agreement with the corporation shall be deemed to have become creditors, shareholders or parties respectively subject in all respects to this section, and the same shall be absolutely binding upon them. For the purpose of this subsection only, parties to a lending agreement shall not be deemed to be creditors and shall act under this subsection as a separate class.