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N.Y. Banking Law § 602 Effect of merger
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§ 602. Effect of merger. At the time when a merger becomes effective:\n (1) the receiving corporation shall be considered the same business\nand corporate entity as each corporation merged into it;\n (2) all of the property, rights, powers and franchises of any\ncorporation that…
N.Y. Banking Law § 6020 Agreements as to voting
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§ 6020. Agreements as to voting. An agreement between two or more\nstockholders, if in writing and signed by the parties thereto, may\nprovide that in exercising any voting rights, the shares held by them\nshall be voted as therein provided, or as they may agree, or as\ndetermin…
N.Y. Banking Law § 6021 Preemptive rights
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§ 6021. Preemptive rights. 1. As used in this section, the term:\n (a) "Unlimited dividend rights" means the right without limitation as\nto amount either to all or to a share of the balance of current or\nliquidating dividends after the payment of dividends on any shares\nentit…
N.Y. Banking Law § 6022 Procedure to enforce stockholder's right to receive payment for shares
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§ 6022. Procedure to enforce stockholder's right to receive payment\nfor shares. 1. A stockholder intending to enforce his right under a\nsection of this chapter to receive payment for his shares if the\nproposed corporate action referred to therein is taken shall file with\nthe…
N.Y. Banking Law § 6023 Books and records; right of inspection, prima facie evidence
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§ 6023. Books and records; right of inspection, prima facie evidence.\n1. Each corporation shall keep correct and complete books and records of\naccount and shall keep minutes of the proceedings of its stockholders,\nboard and executive committee, if any, and shall keep at the o…
N.Y. Banking Law § 6024 Infant securityholders
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§ 6024. Infant securityholders. 1. A corporation may treat an infant\nwho holds shares, capital notes or debentures of such corporation as\nhaving capacity to receive and to empower others to receive dividends,\ninterest, principal and other payments and distributions, to vote o…
N.Y. Banking Law § 6025 Stockholders' derivative action brought in the right of the corporation to procure a judgment in its favor
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§ 6025. Stockholders' derivative action brought in the right of the\ncorporation to procure a judgment in its favor. 1. An action may be\nbrought in the right of a corporation to procure a judgment in its\nfavor, by a holder of shares or of a beneficial interest in such shares.\…
N.Y. Banking Law § 6026 Security for expenses in stockholders' derivative action brought in the right of the corporation to procure a judgment in its favor
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§ 6026. Security for expenses in stockholders' derivative action\nbrought in the right of the corporation to procure a judgment in its\nfavor. In any action specified in section six thousand twenty-five, if\nthe plaintiff or plaintiffs hold less than five percent of any class of…
N.Y. Banking Law § 6029 Liability of stockholders for wages due to laborers, servants or employees
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§ 6029. Liability of stockholders for wages due to laborers, servants\nor employees. 1. The ten largest stockholders, as determined by the fair\nvalue of their beneficial interest as of the beginning of the period on\nwhich the unpaid services referred to in this section are per…
N.Y. Banking Law § 603 Issuance of new certificates of stock or other consideration
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§ 603. Issuance of new certificates of stock or other consideration.\nThe receiving corporation may require the return of the original\ncertificate or certificates held by each stockholder or shareholder in\nsuch other corporation or corporations and may issue in lieu thereof ne…
N.Y. Banking Law § 604 Rights of dissenting stockholders
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§ 604. Rights of dissenting stockholders.\n The following stockholders shall, subject to and by complying with\nsection six thousand twenty-two of this chapter, have the right to\nreceive payment of the fair value of their shares and the other rights\nand benefits provided by su…
N.Y. Banking Law § 604-A Transfer of fiduciary relationships
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§ 604-a. Transfer of fiduciary relationships. 1. If any banking\ninstitution, including a bank or trust company, national banking\nassociation, savings bank, savings and loan association, federally\nchartered savings bank, federally chartered savings association, or a\nbranch or…
N.Y. Banking Law § 605 Voluntary liquidation; sale of assets; forfeiture of charter by non-user
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§ 605. Voluntary liquidation; sale of assets; forfeiture of charter by\nnon-user. 1. Any corporate banking organization, the assets of which\nhave a value at least equal to its liabilities, exclusive of any\nliability to shareholders or stockholders, as such, may voluntarily win…
N.Y. Banking Law § 605-A Transfer of deposit liabilities of bank or trust company; sale or pledge of assets to facilitate such transfer
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§ 605-a. Transfer of deposit liabilities of bank or trust company;\nsale or pledge of assets to facilitate such transfer. 1. A bank or trust\ncompany may, pursuant to a plan approved by the superintendent, enter\ninto an agreement with another bank or trust company, whereby its\…
N.Y. Banking Law § 6050 Company membership
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§ 6050. Company membership. The members of a limited liability\ninvestment company or limited liability trust company shall have all of\nthe rights and obligations as set forth in the limited liability company\nlaw, except as otherwise provided in this chapter.\n
N.Y. Banking Law § 606 When superintendent may take possession of banking organization; when possession may be surrendered
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§ 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\nban…
N.Y. Banking Law § 607 Manner and time within which taking possession may be tested
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§ 607. Manner and time within which taking possession may be tested.\nAt any time within ten days after the superintendent has taken\npossession of the property and business of any banking organization such\nbanking organization may apply to the supreme court in the judicial\ndi…
N.Y. Banking Law § 609 Resumption of business by bank, trust company or industrial bank; retirement of certificates; applicability to stock-form savings banks a...
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§ 609. Resumption of business by bank, trust company or industrial\nbank; retirement of certificates; applicability to stock-form savings\nbanks and stock-form savings and loan associations. 1. Any bank, trust\ncompany, stock-form savings bank or stock-form savings and loan\nass…
N.Y. Banking Law § 610 Resumption of business in accordance with plan of reorganization
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§ 610. Resumption of business in accordance with plan of\nreorganization. The superintendent, in his discretion, may permit a\ncorporation of which he has taken possession or which is operating on a\nrestricted basis pursuant to regulations promulgated by duly constituted\nautho…
N.Y. Banking Law § 611 Special deputies; assistants; counsel and other employees
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§ 611. Special deputies; assistants; counsel and other employees. The\nsuperintendent may, by certificate, under his hand and the official seal\nof the department, appoint one or more special deputy superintendents as\nagent or agents to assist him in liquidating the business an…
N.Y. Banking Law § 611-A Appointment of single judge
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§ 611-a. Appointment of single judge. When the superintendent has\ntaken possession of and is liquidating the business and property in this\nstate of any banking organization under the provisions of this article,\nthe superintendent shall be entitled to the appointment of a sing…
N.Y. Banking Law § 612 Certificates to be recorded and received in evidence
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§ 612. Certificates to be recorded and received in evidence. The\nsuperintendent, deputy superintendents, and the special deputy\nsuperintendents designated under the provisions of section six hundred\neleven of this chapter, are hereby authorized to subscribe and\nacknowledge w…
N.Y. Banking Law § 612-A Payment of wages
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§ 612-a. Payment of wages. All wages actually owing to the employees\nof a banking organization in the possession of the superintendent for\nservices rendered within three months prior to the date when possession\nwas taken, not exceeding two thousand dollars to each employee, s…
N.Y. Banking Law § 613 Payment by superintendent of expenses of liquidation
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§ 613. Payment by superintendent of expenses of liquidation. The\nsuperintendent shall pay out of the funds in his hands of any banking\norganization of which he is in possession, all expenses of liquidation,\nsubject to the approval of the supreme court in the judicial district…
N.Y. Banking Law § 614 Obtaining possession of pleadings, et cetera, in actions against which attorneys' liens are asserted
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§ 614. Obtaining possession of pleadings, et cetera, in actions\nagainst which attorneys' liens are asserted. When the superintendent is\nin possession of any banking organization, and attorneys' liens are\nasserted by attorneys of such banking organization against any causes of…
N.Y. Banking Law § 615 On taking possession, superintendent shall notify those holding assets; effect of notification; turnover of assets and payment of debts o...
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§ 615. On taking possession, superintendent shall notify those holding\nassets; effect of notification; turnover of assets and payment of debts\nowed to the banking organization. When the superintendent shall take\npossession of the property and business of any banking organizat…
N.Y. Banking Law § 616 Inventory of assets; where filed
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§ 616. Inventory of assets; where filed. After the superintendent\nshall have taken possession of and shall have determined to liquidate\nthe property and business of any banking organization, he shall make in\nduplicate an inventory of the assets of such banking organization. H…
N.Y. Banking Law § 617 Disposition of property held as bailee, or depositary; opening of safe deposit boxes; disposal of contents
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§ 617. Disposition of property held as bailee, or depositary; opening\nof safe deposit boxes; disposal of contents. 1. The superintendent may,\nafter he has taken possession of any banking organization, cause to be\nmailed to each person claiming to be, or appearing upon the boo…
N.Y. Banking Law § 618 Liquidation and conservation of assets; compromising debts and claims; deposit of moneys collected; preference; superintendent, as liquid...
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§ 618. Liquidation and conservation of assets; compromising debts and\nclaims; deposit of moneys collected; preference; superintendent, as\nliquidator, authorized to borrow on and pledge assets of banks. 1. (a)\nThe superintendent is authorized, upon taking possession of any ban…
N.Y. Banking Law § 618-A Repudiation of contracts
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§ 618-a. Repudiation of contracts. 1. Except as otherwise provided in\nthis section, when the superintendent has taken possession of the\nbusiness and property in this state of a banking organization, unless\nthe federal regulator or insurer is appointed as receiver or liquidato…
N.Y. Banking Law § 619 Prosecution and defense of actions; actions preferred; limitations; power to execute instruments; exemption from filing and other fees
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§ 619. Prosecution and defense of actions; actions preferred;\nlimitations; power to execute instruments; exemption from filing and\nother fees. 1. (a) For the purpose of executing any of the powers and\nperforming any of the duties hereby conferred upon him, the\nsuperintendent…
N.Y. Banking Law § 620 Notice to creditors to make proof of claims; form of claims; claims for priority of payment
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§ 620. Notice to creditors to make proof of claims; form of claims;\nclaims for priority of payment. 1. When the superintendent shall have\ntaken possession of any banking organization, and shall have determined\nto liquidate its affairs, he or she shall notify all persons who m…
N.Y. Banking Law § 620-A Certain claims shall not be accepted
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§ 620-a. Certain claims shall not be accepted. The superintendent\nshall not accept a claim based on an agreement with the banking\norganization unless the agreement is either reflected on the accounts,\nbooks or records of the banking organization or a creditor provides\ndocume…
N.Y. Banking Law § 622 List of claims duly presented; filing
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§ 622. List of claims duly presented; filing. The superintendent\nshall cause to be made in duplicate a complete list of all claims duly\npresented specifying the name of the claimant, the nature of the claim\nand the amount thereof. Such list shall also contain a statement of\n…
N.Y. Banking Law § 623 Filing objections to claims presented or listed; procedure upon claim under objection
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§ 623. Filing objections to claims presented or listed; procedure upon\nclaim under objection. Within forty days after the superintendent shall\nhave filed in his office a copy of the list of claims required by\nsection six hundred twenty-two, objections to any claim duly presen…
N.Y. Banking Law § 624 Acceptance and rejection of claims and accounts; filing of list thereof; secured claims and accounts; determination of priorities
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§ 624. Acceptance and rejection of claims and accounts; filing of list\nthereof; secured claims and accounts; determination of priorities. 1.\nThe superintendent shall, not later than sixty days after the time has\nexpired to file objections to claims duly presented, accept or r…
N.Y. Banking Law § 625 Effect of accepting claims and accounts; limitation upon actions to establish claims and accounts; necessary allegations; effect of judgment
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§ 625. Effect of accepting claims and accounts; limitation upon\nactions to establish claims and accounts; necessary allegations; effect\nof judgment. 1. When the superintendent has accepted a duly filed claim\nand has filed such claim endorsed "accepted" in his office, the\ncla…
N.Y. Banking Law § 626 Judgments recovered shall not be liens
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§ 626. Judgments recovered shall not be liens. A lien shall not attach\nto any of the property or assets of any banking organization by reason\nof the entry of any judgment recovered against such banking organization\nafter the superintendent has taken possession of its property…
N.Y. Banking Law § 627 Dividends to creditors; distributions to stockholders; dissolution; destruction of documents
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§ 627. Dividends to creditors; distributions to stockholders;\ndissolution; destruction of documents. 1. At any time after the date\nfixed by the superintendent for the presentation of claims, the\nsuperintendent may, upon an order of the supreme court, declare and pay\nout of t…
N.Y. Banking Law § 628 Payment of dividends when deposits have been made available by Federal Deposit Insurance Corporation
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§ 628. Payment of dividends when deposits have been made available by\nFederal Deposit Insurance Corporation. When the superintendent shall\nhave taken possession of any banking organization for the purpose of\nliquidation, and Federal Deposit Insurance Corporation shall have ma…
N.Y. Banking Law § 629 Payment of dividends to minors, trustees or joint depositors; payment of dividends where adverse claim is asserted; interpleader in certa...
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§ 629. Payment of dividends to minors, trustees or joint depositors;\npayment of dividends where adverse claim is asserted; interpleader in\ncertain actions. 1. Where a claim or an account payable in the name of\nany minor has been accepted by the superintendent, dividends there…
N.Y. Banking Law § 630 Claims of shareholders and members of credit unions and savings and loan associations
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§ 630. Claims of shareholders and members of credit unions and savings\nand loan associations. For the purposes of sections six hundred six to\nsix hundred thirty-one, both inclusive, of this chapter, the terms\n"depositors" and "creditors" shall be deemed to include shareholder…
N.Y. Banking Law § 631 Actions against directors, trustees, managers or officers for violation of their official duties
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§ 631. Actions against directors, trustees, managers or officers for\nviolation of their official duties. At any time while the superintendent\nis in possession of the property and business of any corporation, he may\nwithin six years after the cause of action has accrued instit…
N.Y. Banking Law § 633 Service of notice or process during time of war
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§ 633. Service of notice or process during time of war. Whenever,\npursuant to the provisions of this article, any communication, notice or\nother paper or process is required to be given or served by the\nsuperintendent upon any person and the giving or service thereof is in\na…
N.Y. Banking Law § 634 Power to appoint regulator or insurer as receiver; additional powers
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§ 634. Power to appoint regulator or insurer as receiver; additional\npowers. Notwithstanding anything to the contrary in this chapter, the\nsuperintendent may, in his or her sole discretion, and upon such terms\nand conditions as the superintendent may approve, appoint as recei…
N.Y. Banking Law § 635 Definitions
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§ 635. Definitions. 1. "Person" when used in this article means an\nindividual, partnership, corporation, unincorporated association, joint\nstock association, trust or other group, however organized.\n 2. "License" when used in this article means any license duly issued\nby the…
N.Y. Banking Law § 636 When superintendent may take possession of license; when possession may be surrendered
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§ 636. When superintendent may take possession of license; when\npossession may be surrendered. 1. The superintendent may, in his\ndiscretion, forthwith take possession of the business and property of\nany licensee which is used in the business for which the license is\ngranted …
N.Y. Banking Law § 637 Powers of superintendent in possession; application for receiver
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§ 637. Powers of superintendent in possession; application for\nreceiver. 1. When the superintendent has taken possession of the\nbusiness and property of a licensee, he shall liquidate or otherwise\ndeal with such business and property in accordance with the provisions\nof arti…
N.Y. Banking Law § 638 Manner and time within which taking possession may be tested
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§ 638. Manner and time within which taking possession may be tested.\nAt any time within ten days after the superintendent has taken\npossession of the business and property of any licensee, such licensee\nmay apply to the supreme court in the judicial district in which its\npri…
N.Y. Banking Law § 639 Severability
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§ 639. Severability. If any provision of this article, or the\napplication of such provision to any person or circumstance shall be\nheld invalid, the remainder of this article, and the application of such\nprovision to persons or circumstances other than those to which it is\nh…