§ 8397. Acceptance of plan

If the Commission finds and reports that the proposed plan of reorganization is fair, feasible, and practicable; that, if consummated, it will result in the continuous operation of the railroad for the benefit of the public served thereby; that there is a reasonable probability that it will be able to pay, when due, all taxes thereafter assessed against it by the State; that reduction of the claim for unpaid taxes due the State, in such amount as the Commission may recommend, is essential to the effective consummation of the plan; that the acceptance of the proposed compromise, the reduction of the claim in the amount recommended, and the cooperation by the State to the extent stated in carrying the proposed plan into effect will promote the general good of the State, the Governor, with the approval of the Emergency Board, may compromise, adjust, and settle the claim in accordance therewith. (Amended 1961, No. 275, § 3, eff. Aug. 1, 1961.)