§ 24 — Investigation by superintendent; refusal or approval; filing certificate

§ 24. Investigation by superintendent; refusal or approval; filing\ncertificate. 1. Within ninety days after the date when any organization\ncertificate or private banker's certificate shall have been filed for\nexamination, the superintendent, if the superintendent shall find after\ninvestigation and examination of what the superintendent deems to be the\nbest sources of information available that the character, responsibility\nand general fitness of the person or persons named in such certificate\nare such as to command confidence and warrant belief that the business\nof the proposed corporation or private banker will be honestly and\nefficiently conducted in accordance with the intent and purpose of this\nchapter, and that the public convenience and advantage will be promoted\nby allowing such proposed corporation or private banker to engage in\nbusiness, shall approve such certificate. An extension of such ninety\nday period may be requested, by a written request executed by a majority\nof the persons from whom the superintendent received such organization\ncertificate or private banker's certificate, for such additional\nreasonable period of time as may be required for applicants to comply\nwith conditions precedent stipulated by the superintendent as being a\nprerequisite to his or her approval. The superintendent, in the\nsuperintendent's sole discretion, shall determine whether to grant such\nan extension.\n 2. The superintendent shall also endorse upon each of the duplicates\nthe date of such approval. The superintendent shall forthwith cause\nnotice of such approval to be given to the proposed incorporators or\nprivate banker and one of the duplicate certificates shall be filed in\nthe office of the department and the other in the office of the clerk of\nthe county in which the principal office of such proposed corporation or\nprivate banker is to be located. In a case in which a private banker\ncertificate is submitted to the superintendent for the purpose of\ncontinuing the business in connection with a change in its partnership,\nthe superintendent shall approve the private banker certificate upon\nmaking a determination that the private banker should be permitted to\ncontinue its business based upon the considerations set forth in\nsubdivision one of this section.\n 3. If the superintendent is not satisfied, upon the considerations set\nforth in subdivision one of this section, that such proposed corporation\nor private banker should be permitted to engage in business, the\nsuperintendent shall refuse such certificate and shall endorse thereon\nthe date of such refusal and return one of the duplicates to the\nproposed incorporators or private banker from whom such certificate was\nreceived.\n 4. The provisions of this section shall not apply to any organization\ncertificate required to be filed in the office of the superintendent by\nsection one hundred thirty-six, by section two hundred sixty-b, by\nsection four hundred ten, by section four hundred eleven or by section\nfour hundred eighty-six of this chapter.\n