§ 93. Powers of the superintendent. 1. In the event that at any time
during a period of acute emergency, the number of directors or acting
directors of an institution which is a corporation who are present and
capable of acting shall be less than three, the superintendent shall
have the power to designate additional acting directors in such number
as will bring to three the number of directors and acting directors who
are present and capable of acting.

2. Upon a determination that such action will tend to promote the safe
and sound and orderly conduct of the business of any institution or to
prevent controversy as to the power of any group of persons purporting
to act as an emergency board of directors so to act, the superintendent
shall have power to issue orders declaring that any such group shall or
shall not have the powers of an emergency board of directors, or
confirming, modifying or vacating in whole or in part any action taken
or purportedly taken by any such group or removing any acting director.

3. (a) At any time after an attack, upon his determination that such
action will tend to promote certainty as to the powers of institutions
or individuals pursuant to this article or that such action is desirable
to enable institutions to take preparatory precautions prior to the
occurrence of an acute emergency, the superintendent shall have power to
declare that any provision of this article which he may specify shall be
operative with respect to any institution which he may designate. Upon
such declaration such institution and its directors, officers, acting
directors and acting officers shall have all powers conferred by such
provisions of this article. The failure of the superintendent so to
declare shall not be deemed to limit the powers of any institution or
its directors, officers, acting directors or acting officers where an
acute emergency exists in fact.

(b) At any time after the commencement of an acute emergency or after
the superintendent shall have declared any provision of this article
operative pursuant to paragraph (a) of this subdivision, upon his
determination that an institution is able, in whole or in part, to carry
on its business in compliance with its charter and the laws other than
this article, the superintendent shall have power to declare that any
provision of this article which he may specify shall be inoperative with
respect to any institution which he may designate. Upon such
declaration, such institution shall be governed by its charter and the
provisions of law other than this article, except insofar as other
provisions of this article remain operative.

4. Upon his determination that, as a result of an acute emergency, the
business and affairs of an institution cannot otherwise be conducted in
a safe and sound manner, the superintendent may forthwith take
possession of the institution and its business and property. The
provisions of section six hundred six through six hundred thirty-two,
inclusive, of the banking law shall be applicable in any case in which
the superintendent takes possession of an institution pursuant to this
subdivision as though the institution were a banking organization or
foreign banking corporation of which the superintendent had taken
possession pursuant to section six hundred six of such law, except that
no such provision shall be applicable which the superintendent shall
have declared inapplicable pursuant to this subdivision. The
superintendent shall have power to declare inapplicable any such
provision upon his determination that the same is inappropriate or
unnecessary to protect the interests of the public or the stockholders
or creditors of the institution, in view of the acute emergency and the
nature of the institution. This subdivision shall not be construed as
conferring upon the superintendent the power to declare inapplicable the
provisions of section six hundred seven of such law.

5. The superintendent shall have power to issue general and specific
regulations, directives and orders consistent with and in furtherance of
the purposes of this article.