Texas Finance Code - Section 37.002. Emergency Closing Of Office Or Operation By Bank
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Texas Lawyer > Finance Code > Texas Finance Code - Section 37.002. Emergency Closing Of Office Or Operation By Bank
§ 37.002. EMERGENCY CLOSING OF OFFICE OR OPERATION BY
BANK. (a) If the officers of a bank located in this state determine
that an emergency that affects or may affect the bank's offices or a
particular bank operation exists or is impending, the officers may
determine:
(1) not to open the bank's offices or conduct the
particular bank operation; or
(2) if the bank's offices have opened or the particular
bank operation has begun, to close the bank's offices or suspend and
close the particular bank operation during the emergency,
regardless of whether the banking commissioner has issued a
proclamation of emergency.
(b) Subject to Subsection (c), the office or operation
closed may remain closed until the officers determine that the
emergency has ended and for additional time reasonably required to
reopen.
(c) An office or operation may not remain closed for more
than three consecutive days, excluding days on which the bank is
customarily closed, without the banking commissioner's approval.
(d) A bank closing an office or operation under this section
shall give notice of its action to the banking commissioner as
promptly as possible and by any means available.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.309 36.310 36.311 36.312 36.313 36.314 37.001 37.002 37.003 37.004 37.005 37.006 59.001 59.002 59.003
Last modified: August 10, 2007
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