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This entry was published on 2014-09-22
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Payment by superintendent of expenses of liquidation
§ 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,
subject to the approval of the supreme court in the judicial district in
which the principal office of such banking organization was located. The
application for an order of the supreme court pursuant to this section
shall be made upon an order to show cause which shall provide that
notice thereof to the depositors and creditors, and to the stockholders
or shareholders, if any, of such banking organization be published once
in each week for two consecutive weeks in a newspaper of general
circulation in the county in which the principal office of such banking
organization was located. Such order to show cause shall also be served
upon such banking organization in such manner as the court, in such
order to show cause, may direct. The hearing upon such application shall
be held not less than ten days after the first publication of such
notice. An order approving the final expenses of liquidation of a
corporate banking organization may, in a proper case, and if the
petition complies with the requirements of subdivision three of section
six hundred twenty-seven of this article, include a provision declaring
the banking organization dissolved and its corporate existence
terminated. The supreme court shall not upon any application under this
section increase the compensation of special deputy superintendents,
assistants, counsel or other employees over the amount fixed by the
superintendent, or direct the superintendent to make any expenditure not
approved by him.