Emergency closure: Powers of bank’s officers.
1. Whenever the officers of a bank are of the opinion that an emergency exists, or that there is a reasonable probability that an emergency may develop, which affects or may affect one or more or all of a bank’s offices, they shall have the authority in the reasonable and proper exercise of their discretion not to open any one or more or all of such offices during the continuation of such emergency, even if the Commissioner has not issued and does not issue a proclamation of emergency.
2. The office or offices so closed must remain closed until such time as the officers determine that the emergency has ended, and for such further time thereafter as may reasonably be required to reopen; but such office or offices must not remain closed for more than 48 consecutive hours, excluding other legal holidays, without requesting the approval of the Commissioner.
3. The officers of a bank may close any one or more or all of the bank’s offices on any day or days designated, by proclamation of the President of the United States or the Governor of this state, as a day or days of mourning, rejoicing or other special observance.
Last modified: February 26, 2006