17-5819. Same; proclamations by commissioner; closing and reopening.
17-5819
17-5819. Same; proclamations by commissioner; closing and reopening.
Whenever the commissioner is of the opinion that an emergency exists, or
is impending, in this state or in any part or parts of this state, he may,
by proclamation, authorize savings and loan associations located in the
affected area or areas to close their offices. In addition, if the
commissioner is of the opinion that an emergency exists, or is impending,
which affects or may affect, a particular association or associations, but
not associations located in the area generally, he may authorize the
particular association or associations to close. The association or
associations so closed shall remain closed until the commissioner proclaims
that the emergency has ended, or until such earlier time as the officers of
the association determine that the association theretofore closed because
of the emergency, should reopen, and, in either event, for such further
time thereafter as may reasonably be required to reopen as determined by
the commissioner.
History: L. 1973, ch. 98, § 2; July 1.