TITLE 43

IRRIGATION DISTRICTS

CHAPTER 21

DEBT READJUSTMENT PLANS FOR IRRIGATION DISTRICTS, DRAINAGE DISTRICTS, AND HIGHWAY DISTRICTS

43-2104.  Approval of rehabilitation plan by creditors. The plan so approved by the board of directors shall thereupon be submitted to the known creditors of the district directly affected thereby, in such manner as to the board may seem appropriate and practical under the circumstances. The approval of such plan by creditors shall be in writing filed with the secretary of the board, and such approval shall be irrevocable if approved by a majority in amount of each class of creditors directly affected thereby, within the time specified in such plan.

History:

[43-2104, added 1933, ch. 174, sec. 4, p. 316.]