§ 606. When superintendent may take possession of banking\norganization; when possession may be surrendered. 1. The superintendent\nmay, in his discretion, forthwith take possession of the business and\nproperty of any banking organization whenever it shall appear that such\nbanking organization:\n (a) Has violated any law;\n (b) Is conducting its business in an unauthorized or unsafe manner;\n (c) Is in an unsound or unsafe condition to transact its business;\n (d) Cannot with safety and expediency continue business;\n (e) Has an impairment of its capital; or, in the case of a mutual\nsavings and loan association or credit union, has assets insufficient to\npay its debts and the amount due members upon their shares;\n (f) Has suspended payment of its obligations; or, in the case of a\nmutual savings and loan association, has failed for sixty days after a\nwithdrawal application has been filed with it by any shareholder to pay\nsuch withdrawal application in full;\n (g) Has neglected or refused to comply with the terms of a duly issued\norder of the superintendent;\n (h) Has refused, upon proper demand, to submit its records and affairs\nfor inspection to an examiner of the department;\n (i) Has refused to be examined upon oath regarding its affairs.\n (j) Has neglected, refused or failed to take or continue proceedings\nfor voluntary liquidation in accordance with any of the provisions of\nthis chapter.\n 2. The superintendent may, in his discretion, and upon such conditions\nas may be approved by him, surrender possession and permit such banking\norganization to resume business.\n 3. When the superintendent shall have duly taken possession of the\nproperty and business of any such banking organization, he may hold such\npossession until its affairs are finally liquidated by him, unless he\nshall surrender possession as provided in subdivision two of this\nsection or be enjoined from continuing possession as provided in section\nsix hundred seven of this article, or unless such banking organization\nshall, with the written approval of the superintendent, voluntarily wind\nup its affairs as provided in section six hundred five of this article.\n 4. (a) The superintendent may also, in his or her discretion,\nforthwith take possession of the business and property in this state of\nany foreign banking corporation that has been licensed by the\nsuperintendent under the provisions of this chapter, including, for the\npurposes of this article, any such corporation whose license has been\nsurrendered or revoked, upon his or her finding that any of the reasons\nenumerated in subdivision one of this section exist with respect to such\ncorporation or that it is in liquidation at its domicile or elsewhere or\nthat there is reason to doubt its ability or willingness to pay in full\nthe claims of the creditors hereinbelow described. Title to such\nbusiness and property shall vest by operation of law in the\nsuperintendent and his or her successors forthwith upon taking\npossession. Thereafter the superintendent shall liquidate or otherwise\ndeal with such business and property in accordance with the provisions\nof this chapter applicable to the liquidation of banking organizations,\nexcept that the superintendent may deal with such business and property\nand prosecute and defend any and all actions relating thereto in his or\nher own name as superintendent. Only the claims of creditors of such\ncorporation arising out of transactions had by them with its New York\nagency or agencies, or with its New York branch or branches, shall be\naccepted by the superintendent for payment out of such business and\nproperty in this state as provided in this article. Acceptance or\nrejection of such claims by the superintendent shall not prejudice such\ncreditors' rights to otherwise share in the assets of such corporation.\nThe following claims shall not be accepted by the superintendent for\npayment out of such business and property in thi
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