17-5821.   Same; officer's determination that emergency exists; approvalof commissioner, when; closingoffices on special observance days.(a) Whenever the officers of an association are of the opinion that anemergency exists, or is impending which affects, or may affect, anassociation's offices, they shall have the authority, in the reasonable andproper exercise of their discretion, to determine not to open such officeson any business or banking day or, if having opened, to close such officesduring the continuation of such emergency. The offices so closed shallremain closed until such time as the officers determine that the emergencyhas ended, and for such further time thereafter as may reasonably berequired to reopen; however, in no case shall such offices remain closedfor more than forty-eight (48) consecutive hours, excluding other legalholidays, without requesting and obtaining the approval of thecommissioner.

      (b)   The officers of an association may close the association's officeson any day or days designated by proclamation of the president of theUnited States or the governor or legislature of this state, as a day ordays of mourning, rejoicing or other special observance.

      History:   L. 1973, ch. 98, § 4; July 1.