§ 24. Investigation by superintendent; refusal or approval; filing
certificate. 1. Within ninety days after the date when any organization
certificate or private banker's certificate shall have been filed for
examination, the superintendent, if the superintendent shall find after
investigation and examination of what the superintendent deems to be the
best sources of information available that the character, responsibility
and general fitness of the person or persons named in such certificate
are such as to command confidence and warrant belief that the business
of the proposed corporation or private banker will be honestly and
efficiently conducted in accordance with the intent and purpose of this
chapter, and that the public convenience and advantage will be promoted
by allowing such proposed corporation or private banker to engage in
business, shall approve such certificate. An extension of such ninety
day period may be requested, by a written request executed by a majority
of the persons from whom the superintendent received such organization
certificate or private banker's certificate, for such additional
reasonable period of time as may be required for applicants to comply
with conditions precedent stipulated by the superintendent as being a
prerequisite to his or her approval. The superintendent, in the
superintendent's sole discretion, shall determine whether to grant such
an extension.

2. The superintendent shall also endorse upon each of the duplicates
the date of such approval. The superintendent shall forthwith cause
notice of such approval to be given to the proposed incorporators or
private banker and one of the duplicate certificates shall be filed in
the office of the department and the other in the office of the clerk of
the county in which the principal office of such proposed corporation or
private banker is to be located. In a case in which a private banker
certificate is submitted to the superintendent for the purpose of
continuing the business in connection with a change in its partnership,
the superintendent shall approve the private banker certificate upon
making a determination that the private banker should be permitted to
continue its business based upon the considerations set forth in
subdivision one of this section.

3. If the superintendent is not satisfied, upon the considerations set
forth in subdivision one of this section, that such proposed corporation
or private banker should be permitted to engage in business, the
superintendent shall refuse such certificate and shall endorse thereon
the date of such refusal and return one of the duplicates to the
proposed incorporators or private banker from whom such certificate was
received.

4. The provisions of this section shall not apply to any organization
certificate required to be filed in the office of the superintendent by
section one hundred thirty-six, by section two hundred sixty-b, by
section four hundred ten, by section four hundred eleven or by section
four hundred eighty-six of this chapter.