§ 637 — Powers of superintendent in possession; application for receiver

§ 637. Powers of superintendent in possession; application for\nreceiver. 1. When the superintendent has taken possession of the\nbusiness and property of a licensee, he shall liquidate or otherwise\ndeal with such business and property in accordance with the provisions\nof article thirteen of this chapter applicable to the possession,\nliquidation and conservation of the business and property of a banking\norganization.\n 2. Whenever the superintendent has taken possession of the business\nand property of a licensee, he may, in his discretion, apply to the\nsupreme court in the judicial district in which such licensee's\nprincipal office is located for the appointment of a receiver to\nliquidate or otherwise deal with the affairs of the licensee. Any\nreceiver which accepts such appointment may act without bond or other\nsecurity as to such appointment and shall have and possess, and may\nexercise, all the rights, powers and privileges provided by this article\nto the superintendent or by the laws of this state to the superintendent\nin his capacity as, or to any other, receiver or liquidator of a banking\norganization.\n