§ 40. Revocation of authorization certificate or license or suspension\nof activities in certain cases. 1. If the superintendent shall find that\n(i) any of the reasons for taking possession of the business and\nproperty of a banking organization or of the business and property in\nthis state of a foreign banking corporation enumerated in section six\nhundred six of this chapter, shall exist with respect to a private\nbanker to which the superintendent has issued an authorization\ncertificate or a foreign banking corporation to which the superintendent\nhas issued a license or (ii) any fact or condition exists which would be\ngrounds for denial of an application for such a license issued to a\nforeign banking corporation, as defined by the superintendent of\nfinancial services by regulation, he may, after notice and hearing\nthereon, revoke such license or authorization certificate. Notice of\nsuch revocation, under the superintendent's hand and the official seal\nof the department, shall be executed in triplicate and one copy shall be\ntransmitted to such private banker or foreign corporation, another shall\nbe filed in the office of the department and the third shall be filed in\nthe office of the clerk of the county in which the authorization\ncertificate or license of such private banker or foreign corporation has\nbeen filed. The superintendent may, in his discretion, publish a copy of\nsuch notice, with such other facts as he may deem proper, in the state\nregister.\n 2. If the superintendent finds that any of the grounds for revocation\ndescribed in subdivision one of this section are present with respect to\na foreign banking corporation licensed pursuant to this chapter and in\naddition the superintendent finds it necessary to protect the interest\nof depositors or the public, the superintendent may issue, without\nnotice and hearing, an order suspending or otherwise limiting the\nactivities of the foreign banking corporation, for a period not to\nexceed ninety days, pending investigation or hearing.\n
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