New York Banking Law Article 13 - MERGER; VOLUNTARY DISSOLUTION; SUPERINTENDENT'S TAKING POSSESSION; REORGANIZATION; LIQUIDATION
- 600 - Merger; When Authorized.
The following mergers are hereby authorized: (1) One or more corporations organized under the laws of this state and subject to the provisions of article...
- 601 - Merger Agreement; Authorization; Approval; Filing.
1. A written plan of merger shall be submitted, in duplicate, to the superintendent by the corporations which are to merge. Such plan shall be...
- 601-a - Purchase of Assets.
1. The following acquisitions are hereby authorized whether by purchase or otherwise, other than by merger, of all or a substantial part of the assets...
- 601-b - Approval or Disapproval of Merger or Purchase of Assets.
1. The superintendent shall approve or disapprove of a proposed merger as authorized by section six hundred of this chapter or a proposed acquisition of...
- 601-c - Sale, Lease, Exchange or Other Disposition of Property, Rights, Privileges and Franchises.
1. Subject to subdivision eight of section six hundred five of this chapter, and except as otherwise provided by law or by its organization certificate...
- 602 - Effect of Merger.
At the time when a merger becomes effective: (1) the receiving corporation shall be considered the same business and corporate entity as each corporation merged...
- 603 - Issuance of New Certificates of Stock or Other Consideration.
The receiving corporation may require the return of the original certificate or certificates held by each stockholder or shareholder in such other corporation or corporations...
- 604 - Rights of Dissenting Stockholders.
The following stockholders shall, subject to and by complying with section six thousand twenty-two of this chapter, have the right to receive payment of the...
- 604-a - Transfer of Fiduciary Relationships.
1. If any banking institution, including a bank or trust company, national banking association, savings bank, savings and loan association, federally chartered savings bank, federally...
- 605 - Voluntary Liquidation; Sale of Assets; Forfeiture of Charter by Non-User.
1. Any corporate banking organization, the assets of which have a value at least equal to its liabilities, exclusive of any liability to shareholders or...
- 605-a - Transfer of Deposit Liabilities of Bank or Trust Company; Sale or Pledge of Assets to Facilitate Such Transfer.
1. A bank or trust company may, pursuant to a plan approved by the superintendent, enter into an agreement with another bank or trust company,...
- 606 - When Superintendent May Take Possession of Banking Organization; When Possession May Be Surrendered.
1. The superintendent may, in his discretion, forthwith take possession of the business and property of any banking organization whenever it shall appear that such...
- 607 - Manner and Time Within Which Taking Possession May Be Tested.
At any time within ten days after the superintendent has taken possession of the property and business of any banking organization such banking organization may...
- 609 - Resumption of Business by Bank, Trust Company or Industrial Bank; Retirement of Certificates; Applicability to Stock-Form Savings Banks and Stock-Form
savings and loan associations. 1. Any bank, trust company, stock-form savings bank or stock-form savings and loan association of which the superintendent has taken possession...
- 610 - Resumption of Business in Accordance With Plan of Reorganization.
The superintendent, in his discretion, may permit a corporation of which he has taken possession or which is operating on a restricted basis pursuant to...
- 611 - Special Deputies; Assistants; Counsel and Other Employees.
The superintendent may, by certificate, under his hand and the official seal of the department, appoint one or more special deputy superintendents as agent or...
- 611-a - Appointment of Single Judge.
When the superintendent has taken possession of and is liquidating the business and property in this state of any banking organization under the provisions of...
- 612 - Certificates to Be Recorded and Received in Evidence.
The superintendent, deputy superintendents, and the special deputy superintendents designated under the provisions of section six hundred eleven of this chapter, are hereby authorized to...
- 612-a - Payment of Wages.
All wages actually owing to the employees of a banking organization in the possession of the superintendent for services rendered within three months prior to...
- 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,...
- 614 - Obtaining Possession of Pleadings, et Cetera, in Actions Against Which Attorneys' Liens are Asserted.
When the superintendent is in possession of any banking organization, and attorneys' liens are asserted by attorneys of such banking organization against any causes of...
- 615 - On Taking Possession, Superintendent Shall Notify Those Holding Assets; Effect of Notification; Turnover of Assets and Payment of Debts Owed to the Ba
615. On taking possession, superintendent shall notify those holding assets; effect of notification; turnover of assets and payment of debts owed to the banking organization....
- 616 - Inventory of Assets; Where Filed.
After the superintendent shall have taken possession of and shall have determined to liquidate the property and business of any banking organization, he shall make...
- 617 - Disposition of Property Held As Bailee, or Depositary; Opening of Safe Deposit Boxes; Disposal of Contents.
1. The superintendent may, after he has taken possession of any banking organization, cause to be mailed to each person claiming to be, or appearing...
- 618 - Liquidation and Conservation of Assets; Compromising Debts and Claims; Deposit of Moneys Collected; Preference; Superintendent, As Liquidator, Authori
618. Liquidation and conservation of assets; compromising debts and claims; deposit of moneys collected; preference; superintendent, as liquidator, authorized to borrow on and pledge assets...
- 618-a - Repudiation of Contracts.
1. Except as otherwise provided in this section, when the superintendent has taken possession of the business and property in this state of a banking...
- 619 - Prosecution and Defense of Actions; Actions Preferred; Limitations; Power to Execute Instruments; Exemption From Filing and Other Fees.
1. (a) For the purpose of executing any of the powers and performing any of the duties hereby conferred upon him, the superintendent may, in...
- 620 - Notice to Creditors to Make Proof of Claims; Form of Claims; Claims for Priority of Payment.
1. When the superintendent shall have taken possession of any banking organization, and shall have determined to liquidate its affairs, he or she shall notify...
- 620-a - Certain Claims Shall Not Be Accepted.
The superintendent shall not accept a claim based on an agreement with the banking organization unless the agreement is either reflected on the accounts, books...
- 622 - List of Claims Duly Presented; Filing.
The superintendent shall cause to be made in duplicate a complete list of all claims duly presented specifying the name of the claimant, the nature...
- 623 - Filing Objections to Claims Presented or Listed; Procedure Upon Claim Under Objection.
Within forty days after the superintendent shall have filed in his office a copy of the list of claims required by section six hundred twenty-two,...
- 624 - Acceptance and Rejection of Claims and Accounts; Filing of List Thereof; Secured Claims and Accounts; Determination of Priorities.
1. The superintendent shall, not later than sixty days after the time has expired to file objections to claims duly presented, accept or reject, in...
- 625 - Effect of Accepting Claims and Accounts; Limitation Upon Actions to Establish Claims and Accounts; Necessary Allegations; Effect of Judgment.
1. When the superintendent has accepted a duly filed claim and has filed such claim endorsed "accepted" in his office, the claimant, unless priority of...
- 626 - Judgments Recovered Shall Not Be Liens.
A lien shall not attach to any of the property or assets of any banking organization by reason of the entry of any judgment recovered...
- 627 - Dividends to Creditors; Distributions to Stockholders; Dissolution; Destruction of Documents.
1. At any time after the date fixed by the superintendent for the presentation of claims, the superintendent may, upon an order of the supreme...
- 628 - Payment of Dividends When Deposits Have Been Made Available by Federal Deposit Insurance Corporation.
When the superintendent shall have taken possession of any banking organization for the purpose of liquidation, and Federal Deposit Insurance Corporation shall have made available...
- 629 - Payment of Dividends to Minors, Trustees or Joint Depositors; Payment of Dividends Where Adverse Claim is Asserted; Interpleader in Certain Actions.
1. Where a claim or an account payable in the name of any minor has been accepted by the superintendent, dividends thereon shall be paid...
- 630 - Claims of Shareholders and Members of Credit Unions and Savings and Loan Associations.
For the purposes of sections six hundred six to six hundred thirty-one, both inclusive, of this chapter, the terms "depositors" and "creditors" shall be deemed...
- 631 - Actions Against Directors, Trustees, Managers or Officers for Violation of Their Official Duties.
At any time while the superintendent is in possession of the property and business of any corporation, he may within six years after the cause...
- 633 - Service of Notice or Process During Time of War.
Whenever, pursuant to the provisions of this article, any communication, notice or other paper or process is required to be given or served by the...
- 634 - Power to Appoint Regulator or Insurer As Receiver; Additional Powers.
Notwithstanding anything to the contrary in this chapter, the superintendent may, in his or her sole discretion, and upon such terms and conditions as the...
Last modified: February 3, 2019