Section 636. When superintendent may take possession of license; when possession may be surrendered

1.  The  superintendent  may,  in  his  discretion,  forthwith  take  possession of the business and property of
  any licensee which is used in the business  for  which  the  license  is
  granted  whenever  it  shall  appear  to  the superintendent that in the
  conduct of the business for which it has received a license, a clear and
  present danger exists to the public because such licensee:
    (a) Is conducting its business in a manner which  is  unauthorized  or
  unsafe  or  which  might  render its further operations hazardous to the
  public;
    (b) Is in an unsafe or unsound condition to transact business;
    (c) Cannot with safety and expediency continue business;
    (d) Has an impairment of its capital, has assets insufficient  to  pay
  its  debts  and obligations, or is otherwise unable to pay its debts and
  obligations as they mature;
    (e) Has suspended payment of some or all of its debts and obligations;
    (f) Has neglected or refused to comply with the terms of a duly issued
  order of the superintendent;
    (g) Has refused, upon proper demand, to submit its records and affairs
  for inspection to an examiner of the department; or
    (h) Has refused, or any of its officers, directors  or  partners  have
  refused, to be examined under oath regarding its affairs.
    2.  When  the  superintendent  shall have duly taken possession of the
  business and property of any such licensee, he may hold such  possession
  until  its  affairs  are  finally  liquidated  by  him, unless, he shall
  surrender possession as provided in subdivision three of this section, a
  receiver is appointed by the  supreme  court  pursuant  to  section  six
  hundred  thirty-seven  of  this  article to liquidate the affairs of the
  licensee, or he is enjoined from continuing possession  as  provided  in
  section six hundred thirty-eight of this article.
    3. The superintendent may, in his discretion, and upon such conditions
  as may be approved by him, surrender possession and permit such licensee
  to resume business.