New York § 636 When superintendent may take possession of license; when possession may be surrendered

New York Statutes

§ 636 — When superintendent may take possession of license; when possession may be surrendered

New York § 636

Law BNKBanking

Art. 13-ALicensees: Superintendent's Taking Possession: Conservation: Liquidation

This text of New York § 636 (When superintendent may take possession of license; when possession may be surrendered) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Banking § 636 (2026).

Text

§ 636. When superintendent may take possession of license; when\npossession may be surrendered.

1.The superintendent may, in his\ndiscretion, forthwith take possession of the business and property of\nany licensee which is used in the business for which the license is\ngranted whenever it shall appear to the superintendent that in the\nconduct of the business for which it has received a license, a clear and\npresent danger exists to the public because such licensee:\n (a) Is conducting its business in a manner which is unauthorized or\nunsafe or which might render its further operations hazardous to the\npublic;\n (b) Is in an unsafe or unsound condition to transact business;\n (c) Cannot with safety and expediency continue business;\n (d) Has an impairment of its capital, has asset

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§ 636. When superintendent may take possession of license; when\npossession may be surrendered. 1. The superintendent may, in his\ndiscretion, forthwith take possession of the business and property of\nany licensee which is used in the business for which the license is\ngranted whenever it shall appear to the superintendent that in the\nconduct of the business for which it has received a license, a clear and\npresent danger exists to the public because such licensee:\n (a) Is conducting its business in a manner which is unauthorized or\nunsafe or which might render its further operations hazardous to the\npublic;\n (b) Is in an unsafe or unsound condition to transact business;\n (c) Cannot with safety and expediency continue business;\n (d) Has an impairment of its capital, has assets insufficient to pay\nits debts and obligations, or is otherwise unable to pay its debts and\nobligations as they mature;\n (e) Has suspended payment of some or all of its debts and obligations;\n (f) Has neglected or refused to comply with the terms of a duly issued\norder of the superintendent;\n (g) Has refused, upon proper demand, to submit its records and affairs\nfor inspection to an examiner of the department; or\n (h) Has refused, or any of its officers, directors or partners have\nrefused, to be examined under oath regarding its affairs.\n 2. When the superintendent shall have duly taken possession of the\nbusiness and property of any such licensee, he may hold such possession\nuntil its affairs are finally liquidated by him, unless, he shall\nsurrender possession as provided in subdivision three of this section, a\nreceiver is appointed by the supreme court pursuant to section six\nhundred thirty-seven of this article to liquidate the affairs of the\nlicensee, or he is enjoined from continuing possession as provided in\nsection six hundred thirty-eight of this article.\n 3. The superintendent may, in his discretion, and upon such conditions\nas may be approved by him, surrender possession and permit such licensee\nto resume business.\n