178 – Business of Deceased Private Banker; Continuation; Liquidation.

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