N.Y. Banking Law § 24: Investigation by superintendent; refusal or approval; filing certificate

§ 24. Investigation by superintendent; refusal or approval; filing

certificate. 1. Within ninety days after the date when any organization

certificate or private banker's certificate shall have been filed for

examination, the superintendent, if the superintendent shall find after

investigation and examination of what the superintendent deems to be the

best sources of information available that the character, responsibility

and general fitness of the person or persons named in such certificate

are such as to command confidence and warrant belief that the business

of the proposed corporation or private banker will be honestly and

efficiently conducted in accordance with the intent and purpose of this

chapter, and that the public convenience and advantage will be promoted

by allowing such proposed corporation or private banker to engage in

business, shall approve such certificate. An extension of such ninety

day period may be requested, by a written request executed by a majority

of the persons from whom the superintendent received such organization

certificate or private banker's certificate, for such additional

reasonable period of time as may be required for applicants to comply

with conditions precedent stipulated by the superintendent as being a

prerequisite to his or her approval. The superintendent, in the

superintendent's sole discretion, shall determine whether to grant such

an extension.

2. The superintendent shall also endorse upon each of the duplicates

the date of such approval. The superintendent shall forthwith cause

notice of such approval to be given to the proposed incorporators or

private banker and one of the duplicate certificates shall be filed in

the office of the department and the other in the office of the clerk of

the county in which the principal office of such proposed corporation or

private banker is to be located. In a case in which a private banker

certificate is submitted to the superintendent for the purpose of

continuing the business in connection with a change in its partnership,

the superintendent shall approve the private banker certificate upon

making a determination that the private banker should be permitted to

continue its business based upon the considerations set forth in

subdivision one of this section.

3. If the superintendent is not satisfied, upon the considerations set

forth in subdivision one of this section, that such proposed corporation

or private banker should be permitted to engage in business, the

superintendent shall refuse such certificate and shall endorse thereon

the date of such refusal and return one of the duplicates to the

proposed incorporators or private banker from whom such certificate was

received.

4. The provisions of this section shall not apply to any organization

certificate required to be filed in the office of the superintendent by

section one hundred thirty-six, by section two hundred sixty-b, by

section four hundred ten, by section four hundred eleven or by section

four hundred eighty-six of this chapter.