Section 1904 - Issuance of certificate of authorization or rejection of application(a) Issuance of certificate--The department shall, immediately upon receipt of the application of a private bank, conduct such investigation as it may deem necessary to ascertain the financial condition and responsibility of the private bank, and the reliability of any new partner or partners being admitted. If it shall find that the provisions of this act have been complied with, that the financial condition and responsibility of the private bank is such as to warrant a continuance of the business and that it approves any new partner or partners, it shall retain and file one of the duplicate originals of the application, and shall issue a certificate of authorization, empowering the private bank to continue in business. The other duplicate original and the certificate of authorization shall be sent by the department to the private bank. The certificate shall at all times be conspicuously posted in the place of business of the private bank in view of its customers.(b) Appeal from rejection--If the department shall reject the application, it shall forthwith return it to the private bank, stating in detail its reasons for doing so.(c) Failure to apply for certificate--If a private bank does not file an application for a certificate of authorization as required by this chapter, or if it does so and its application is finally rejected, the private bank shall forthwith cease transacting any banking business and shall at once liquidate its assets, following the order of distribution established by section 1809. If the private bank does not begin or continue such liquidation promptly and in a reasonable manner, the department shall take possession and the Secretary of Banking as receiver shall liquidate the private bank.1965, Nov. 30, P.L. 847, No. 356, § 1904. Affected 1971, June 3, P.L. 145, No. 6, §1 ( § 509(a)(172) ).