N.Y. Banking Law § 613: Payment by superintendent of expenses of liquidation

§ 613. Payment by superintendent of expenses of liquidation. The

superintendent shall pay out of the funds in his hands of any banking

organization of which he is in possession, all expenses of liquidation,

subject to the approval of the supreme court in the judicial district in

which the principal office of such banking organization was located. The

application for an order of the supreme court pursuant to this section

shall be made upon an order to show cause which shall provide that

notice thereof to the depositors and creditors, and to the stockholders

or shareholders, if any, of such banking organization be published once

in each week for two consecutive weeks in a newspaper of general

circulation in the county in which the principal office of such banking

organization was located. Such order to show cause shall also be served

upon such banking organization in such manner as the court, in such

order to show cause, may direct. The hearing upon such application shall

be held not less than ten days after the first publication of such

notice. An order approving the final expenses of liquidation of a

corporate banking organization may, in a proper case, and if the

petition complies with the requirements of subdivision three of section

six hundred twenty-seven of this article, include a provision declaring

the banking organization dissolved and its corporate existence

terminated. The supreme court shall not upon any application under this

section increase the compensation of special deputy superintendents,

assistants, counsel or other employees over the amount fixed by the

superintendent, or direct the superintendent to make any expenditure not

approved by him.