25 - Authorization certificate; when and to whom issued; contents; filing and recording.

§ 25.  Authorization  certificate;  when and to whom issued; contents;  filing and recording.  1.  If  the  superintendent  shall  find  that  a  corporation  or  private  banker,  the  certificate  of  which  has been  approved and filed as provided in section twenty-four of  this  article,  has  in  good  faith  complied  with  all  the  requirements  of law and  fulfilled all the conditions precedent to commencing business imposed by  this chapter, he shall, within  ninety  days  after  the  date  of  such  approval,  or  within  such  longer  period  thereafter as he may permit  pursuant to the second sentence of this  subdivision,  but  in  no  case  after  the  expiration  of  that  period,  issue  under his hand and the  official  seal  of  the  department,  in  triplicate,  an  authorization  certificate  to  the  person  or  persons  named  in  such  organization  certificate or private  banker's  certificate.  The  superintendent  may  extend   the   period  within  which  he  may  issue  the  authorization  certificate by an additional sixty  days,  provided,  however,  that  he  shall  have determined that such extension of time is needed for raising  capital,  for  fulfilling  any  other   condition   precedent   to   the  commencement  of  business  or  for  satisfying any other requirement of  organization, whether imposed by statute or regulation,  and  that  such  extension  is  consistent  with  the  declaration of policy contained in  section ten of this chapter. Such authorization certificate shall  state  that  the  corporation or private banker named therein has complied with  the provisions of this chapter and that it is authorized to transact the  business specified therein.   Such authorization  certificate  shall  be  conclusive  evidence  that  all conditions precedent have been fulfilled  and that the corporation has been formed under this chapter,  except  in  an  action  or  special  proceeding brought by the superintendent or the  attorney general. The superintendent shall cause one of  the  triplicate  authorization  certificates  to  be  transmitted  to  the corporation or  private banker thereby authorized to commence business,  another  to  be  filed  in the office of the department, and the third to be filed in the  county clerk's office in  which  the  organization  certificate  or  the  private   banker's  certificate  has  been  filed.  The  copies  of  the  authorization certificate filed in the offices of the superintendent and  the county clerk shall be attached to the  copies  of  the  organization  certificate  or  private  banker's certificate previously filed and such  certificates shall be recorded in the records of incorporation therein.    2.  Any  corporation  which  shall  not   receive   an   authorization  certificate  within  the time period provided by subdivision one of this  section shall forfeit its rights and privileges as a corporation and its  corporate powers shall cease and determine.    3. Any corporation which shall not commence business within six months  after the date on which its authorization certificate is issued  by  the  superintendent  shall forfeit its rights and privileges as a corporation  and its corporate powers shall  cease  and  determine  unless  the  time  within  which  such  business  may be commenced has been extended by the  superintendent.  Upon satisfactory cause being shown, the superintendent  may grant an extension for a period of not  more  than  one  year.  Such  extension  shall  be granted by order executed, transmitted and filed in  the manner provided for an authorization certificate in subdivision  one  of this section.