Texas Finance Code - Section 63.009. Emergency Closing
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Texas Lawyer > Finance Code > Texas Finance Code - Section 63.009. Emergency Closing
§ 63.009. EMERGENCY CLOSING. (a) If the officers of an
association determine that an emergency that affects or may affect
the association's offices or operations exists or is impending, the
officers, as reasonable, may determine:
(1) not to conduct the involved operations or open the
offices on any business or banking day; or
(2) if the association is open, to close the offices or
the involved operations for the duration of the emergency.
(b) Subject to Subsection (c), a closed office or operation
under this section shall remain closed until the officers determine
that the emergency has ended and for any additional time reasonably
required to reopen.
(c) An association that closes an office or an operation
under this section shall notify the commissioner of its action by
any means available and as promptly as conditions permit. An office
or operation may not be closed for more than 48 consecutive hours,
excluding other legal holidays, without the commissioner's
approval.
(d) In this section, "emergency" means a condition or
occurrence that may interfere physically with the conduct of normal
business at the offices of an association or with the conduct of a
particular association operation or that poses an imminent or
existing threat to the safety or security of persons, property, or
both. The term includes a condition or occurrence arising from:
(1) fire, flood, earthquake, hurricane, tornado,
wind, rain, or snowstorm;
(2) labor dispute and strike;
(3) power failure;
(4) transportation failure;
(5) interruption of communication facilities;
(6) shortage of fuel, housing, food, transportation,
or labor;
(7) robbery, burglary, or attempted robbery or
burglary;
(8) actual or threatened enemy attack;
(9) epidemic or other catastrophe;
(10) riot or civil commotion; or
(11) any other actual or threatened unlawful or
violent act.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 63.002 63.003 63.004 63.005 63.006 63.007 63.008 63.009 63.010 64.001 64.002 64.003 64.021 64.022 64.023
Last modified: August 10, 2007
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