N.Y. Banking Law § 613 Payment By Superintendent of Expenses of Liquidation

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 613

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 ...