Section 40. Revocation of authorization certificate or license or suspension of activities in certain cases

1. If the superintendent shall find that  (i)  any  of  the  reasons  for  taking  possession  of the business and
  property of a banking organization or of the business  and  property  in
  this  state  of  a foreign banking corporation enumerated in section six
  hundred six of this chapter, shall  exist  with  respect  to  a  private
  banker   to   which  the  superintendent  has  issued  an  authorization
  certificate or a foreign banking corporation to which the superintendent
  has issued a license or (ii) any fact or condition exists which would be
  grounds for denial of an application for such  a  license  issued  to  a
  foreign  banking  corporation,  as  defined  by  the  banking  board  by
  regulation, he may,  after  notice  and  hearing  thereon,  revoke  such
  license  or  authorization certificate. Notice of such revocation, under
  the superintendent's hand and the official seal of the department, shall
  be executed in triplicate and one copy  shall  be  transmitted  to  such
  private  banker  or  foreign  corporation, another shall be filed in the
  office of the department and the third shall be filed in the  office  of
  the  clerk  of  the  county  in  which  the authorization certificate or
  license of such private banker or foreign corporation  has  been  filed.
  The  superintendent  may,  in  his  discretion,  publish  a copy of such
  notice, with such other facts as  he  may  deem  proper,  in  the  state
  register.
    2.  If the superintendent finds that any of the grounds for revocation
  described in subdivision one of this section are present with respect to
  a foreign banking corporation licensed pursuant to this chapter  and  in
  addition  the  superintendent finds it necessary to protect the interest
  of depositors or the  public,  the  superintendent  may  issue,  without
  notice  and  hearing,  an  order  suspending  or  otherwise limiting the
  activities of the foreign banking  corporation,  for  a  period  not  to
  exceed ninety days, pending investigation or hearing.