N.Y. Banking Law § 40: Revocation of authorization certificate or license or suspension of activities in certain cases

§ 40. Revocation of authorization certificate or license or suspension

of activities in certain cases. 1. If the superintendent shall find that

(i) any of the reasons for taking possession of the business and

property of a banking organization or of the business and property in

this state of a foreign banking corporation enumerated in section six

hundred six of this chapter, shall exist with respect to a private

banker to which the superintendent has issued an authorization

certificate or a foreign banking corporation to which the superintendent

has issued a license or (ii) any fact or condition exists which would be

grounds for denial of an application for such a license issued to a

foreign banking corporation, as defined by the superintendent of

financial services by regulation, he may, after notice and hearing

thereon, revoke such license or authorization certificate. Notice of

such revocation, under the superintendent's hand and the official seal

of the department, shall be executed in triplicate and one copy shall be

transmitted to such private banker or foreign corporation, another shall

be filed in the office of the department and the third shall be filed in

the office of the clerk of the county in which the authorization

certificate or license of such private banker or foreign corporation has

been filed. The superintendent may, in his discretion, publish a copy of

such notice, with such other facts as he may deem proper, in the state

register.

2. If the superintendent finds that any of the grounds for revocation

described in subdivision one of this section are present with respect to

a foreign banking corporation licensed pursuant to this chapter and in

addition the superintendent finds it necessary to protect the interest

of depositors or the public, the superintendent may issue, without

notice and hearing, an order suspending or otherwise limiting the

activities of the foreign banking corporation, for a period not to

exceed ninety days, pending investigation or hearing.