§ 40. Revocation of authorization certificate or license or suspension
of activities in certain cases. 1. If the superintendent shall find that
(i) any of the reasons for taking possession of the business and
property of a banking organization or of the business and property in
this state of a foreign banking corporation enumerated in section six
hundred six of this chapter, shall exist with respect to a private
banker to which the superintendent has issued an authorization
certificate or a foreign banking corporation to which the superintendent
has issued a license or (ii) any fact or condition exists which would be
grounds for denial of an application for such a license issued to a
foreign banking corporation, as defined by the superintendent of
financial services by regulation, he may, after notice and hearing
thereon, revoke such license or authorization certificate. Notice of
such revocation, under the superintendent's hand and the official seal
of the department, shall be executed in triplicate and one copy shall be
transmitted to such private banker or foreign corporation, another shall
be filed in the office of the department and the third shall be filed in
the office of the clerk of the county in which the authorization
certificate or license of such private banker or foreign corporation has
been filed. The superintendent may, in his discretion, publish a copy of
such notice, with such other facts as he may deem proper, in the state
register.

2. If the superintendent finds that any of the grounds for revocation
described in subdivision one of this section are present with respect to
a foreign banking corporation licensed pursuant to this chapter and in
addition the superintendent finds it necessary to protect the interest
of depositors or the public, the superintendent may issue, without
notice and hearing, an order suspending or otherwise limiting the
activities of the foreign banking corporation, for a period not to
exceed ninety days, pending investigation or hearing.