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This entry was published on 2014-09-22
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Business of deceased private banker; continuation; liquidation
§ 178. Business of deceased private banker; continuation; liquidation.
In case of the death of an individual engaged in the business of a
private banker, his executor, administrator or other legal
representative, and in case of the death of a member of a partnership so
engaged, the surviving members of the partnership, may continue such
business for a period of six months from the date of such death if such
continuation is necessary, in order to bring about the liquidation of
such business. If the liquidation shall not have been accomplished
within such period of six months, the superintendent may extend the time
for a further period not to exceed one year or may, at his option, take
over such private banking business and complete the liquidation, but the
provisions of this chapter shall be applicable to the business of such
deceased private banker while the business is being continued pursuant
to the provisions of this section. Nothing herein contained shall
prevent the surviving partner or partners of or a successor to a
deceased private banker from applying for and receiving, if otherwise
entitled thereto, an authorization certificate to engage in business as
a private banker.