N.Y. DEA Law § 93 — New York Code / Act DEA / Article 7 / Section 93
Powers of the superintendent
Status: in_force

§ 93. Powers of the superintendent. 1. In the event that at any time\nduring a period of acute emergency, the number of directors or acting\ndirectors of an institution which is a corporation who are present and\ncapable of acting shall be less than three, the superintendent shall\nhave the power to designate additional acting directors in such number\nas will bring to three the number of directors and acting directors who\nare present and capable of acting.\n  2. Upon a determination that such action will tend to promote the safe\nand sound and orderly conduct of the business of any institution or to\nprevent controversy as to the power of any group of persons purporting\nto act as an emergency board of directors so to act, the superintendent\nshall have power to issue orders declaring that any such group shall or\nshall not have the powers of an emergency board of directors, or\nconfirming, modifying or vacating in whole or in part any action taken\nor purportedly taken by any such group or removing any acting director.\n  3. (a) At any time after an attack, upon his determination that such\naction will tend to promote certainty as to the powers of institutions\nor individuals pursuant to this article or that such action is desirable\nto enable institutions to take preparatory precautions prior to the\noccurrence of an acute emergency, the superintendent shall have power to\ndeclare that any provision of this article which he may specify shall be\noperative with respect to any institution which he may designate. Upon\nsuch declaration such institution and its directors, officers, acting\ndirectors and acting officers shall have all powers conferred by such\nprovisions of this article. The failure of the superintendent so to\ndeclare shall not be deemed to limit the powers of any institution or\nits directors, officers, acting directors or acting officers where an\nacute emergency exists in fact.\n  (b) At any time after the commencement of an acute emergency or after\nthe superintendent shall have declared any provision of this article\noperative pursuant to paragraph (a) of this subdivision, upon his\ndetermination that an institution is able, in whole or in part, to carry\non its business in compliance with its charter and the laws other than\nthis article, the superintendent shall have power to declare that any\nprovision of this article which he may specify shall be inoperative with\nrespect to any institution which he may designate. Upon such\ndeclaration, such institution shall be governed by its charter and the\nprovisions of law other than this article, except insofar as other\nprovisions of this article remain operative.\n  4. Upon his determination that, as a result of an acute emergency, the\nbusiness and affairs of an institution cannot otherwise be conducted in\na safe and sound manner, the superintendent may forthwith take\npossession of the institution and its business and property. The\nprovisions of section six hundred six through six hundred thirty-two,\ninclusive, of the banking law shall be applicable in any case in which\nthe superintendent takes possession of an institution pursuant to this\nsubdivision as though the institution were a banking organization or\nforeign banking corporation of which the superintendent had taken\npossession pursuant to section six hundred six of such law, except that\nno such provision shall be applicable which the superintendent shall\nhave declared inapplicable pursuant to this subdivision. The\nsuperintendent shall have power to declare inapplicable any such\nprovision upon his determination that the same is inappropriate or\nunnecessary to protect the interests of the public or the stockholders\nor creditors of the institution, in view of the acute emergency and the\nnature of the institution. This subdivision shall not be construed as\nconferring upon the superintendent the power to declare inapplicable the\nprovisions of section six hundred seven of such law.\n  5. The superintendent shall have power to issue general and specific\nregulations, directives and orders consistent with and in furtherance of\nthe purposes of this article.\n