N.Y. BNK Law § 610

§ 610. Resumption of business in accordance with plan of\nreorganization. The superintendent, in his discretion, may permit a\ncorporation of which he has taken possession or which is operating on a\nrestricted basis pursuant to regulations promulgated by duly constituted\nauthority, to resume business in accordance with a plan of\nreorganization under which depositors and other creditors will receive\nless than the full amount of their claims and/or in partial payment\nthereof will receive certificates of beneficial interest in certain\nsegregated assets and/or stock of such corporation, and under which\nstockholders will contribute their shares of capital stock and/or money\nin lieu of assessments upon such stock. In any such case in which the\nsuperintendent permits resumption of business pursuant to such a plan of\nreorganization, all depositors and creditors and stockholders of any\nsuch corporation, whether or not they shall have consented to such plan\nof reorganization, shall be fully and in all respects subject to and\nbound by its provisions, and claims of all depositors and other\ncreditors shall be treated as if they had consented to such plan;\nprovided, however, that the superintendent shall not permit a\ncorporation to resume business in accordance with such a plan of\nreorganization unless it has been shown to his satisfaction that (1)\nsuch plan is fair and equitable to all depositors and other creditors\nand stockholders and is in the public interest and (2) that depositors\nand other creditors, representing at least eighty per centum in amount\nof its total deposits and other liabilities, exclusive of the claims of\ndepositors and other creditors which will be satisfied in full under the\nplan of reorganization, and stockholders owning at least two-thirds of\nits outstanding capital stock, as shown by the books of the corporation,\nhave consented in writing to such plan; provided further, that\npermission to resume business under any such plan of reorganization\nshall be granted by the superintendent only upon an order of the supreme\ncourt in and for the county in which the principal office of such\ncorporation is located. The application for an order of the supreme\ncourt pursuant to this section shall be made upon an order to show cause\nwhich shall provide that notice thereof, of a kind which the court deems\nto be adequate and proper, be given to depositors, creditors and\nstockholders of such corporation.\n