(205 ILCS 5/57) (from Ch. 17, par. 369)
Sec. 57.
Reorganization; emergency.
Whenever in the course of reorganization supervening conditions render
the plan of reorganization unfair or its execution impractical, the
Commissioner may modify the plan (provided the modification is with the
written consent of the depositors and other creditors representing at least
seventy-five per cent in amount of the total deposits and other liabilities
which are impaired or lessened by the modification) or may, provided the
Federal Deposit Insurance has not been appointed, appoint a
receiver for liquidation as provided in this Act.
(Source: P.A. 89-364, eff. 8-18-95.)
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