§ 178. Business of deceased private banker; continuation; liquidation.

196 words·~1 min read·/ny/banking/private-bankers/178

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.