New York § 613 Payment by superintendent of expenses of liquidation

New York Statutes

§ 613 — Payment by superintendent of expenses of liquidation

New York § 613

Law BNKBanking

Art. 13Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation

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Bluebook

N.Y. Banking § 613 (2026).

Text

  § 613. Payment by superintendent of expenses of liquidation.  The\nsuperintendent shall pay out of the funds in his hands of any banking\norganization of which he is in possession, all expenses of liquidation,\nsubject to the approval of the supreme court in the judicial district in\nwhich the principal office of such banking organization was located. The\napplication for an order of the supreme court pursuant to this section\nshall be made upon an order to show cause which shall provide that\nnotice thereof to the depositors and creditors, and to the stockholders\nor shareholders, if any, of such banking organization be published once\nin each week for two consecutive weeks in a newspaper of general\ncirculation in the county in which the principal office of such banking\norganization w

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§ 613. Payment by superintendent of expenses of liquidation. The\nsuperintendent shall pay out of the funds in his hands of any banking\norganization of which he is in possession, all expenses of liquidation,\nsubject to the approval of the supreme court in the judicial district in\nwhich the principal office of such banking organization was located. The\napplication for an order of the supreme court pursuant to this section\nshall be made upon an order to show cause which shall provide that\nnotice thereof to the depositors and creditors, and to the stockholders\nor shareholders, if any, of such banking organization be published once\nin each week for two consecutive weeks in a newspaper of general\ncirculation in the county in which the principal office of such banking\norganization was located. Such order to show cause shall also be served\nupon such banking organization in such manner as the court, in such\norder to show cause, may direct. The hearing upon such application shall\nbe held not less than ten days after the first publication of such\nnotice. An order approving the final expenses of liquidation of a\ncorporate banking organization may, in a proper case, and if the\npetition complies with the requirements of subdivision three of section\nsix hundred twenty-seven of this article, include a provision declaring\nthe banking organization dissolved and its corporate existence\nterminated. The supreme court shall not upon any application under this\nsection increase the compensation of special deputy superintendents,\nassistants, counsel or other employees over the amount fixed by the\nsuperintendent, or direct the superintendent to make any expenditure not\napproved by him.\n