§ 178 — Business of deceased private banker; continuation; liquidation

§ 178. Business of deceased private banker; continuation; liquidation.\nIn case of the death of an individual engaged in the business of a\nprivate banker, his executor, administrator or other legal\nrepresentative, and in case of the death of a member of a partnership so\nengaged, the surviving members of the partnership, may continue such\nbusiness for a period of six months from the date of such death if such\ncontinuation is necessary, in order to bring about the liquidation of\nsuch business. If the liquidation shall not have been accomplished\nwithin such period of six months, the superintendent may extend the time\nfor a further period not to exceed one year or may, at his option, take\nover such private banking business and complete the liquidation, but the\nprovisions of this chapter shall be applicable to the business of such\ndeceased private banker while the business is being continued pursuant\nto the provisions of this section. Nothing herein contained shall\nprevent the surviving partner or partners of or a successor to a\ndeceased private banker from applying for and receiving, if otherwise\nentitled thereto, an authorization certificate to engage in business as\na private banker.\n