17-5821. Same; officer's determination that emergency exists; approval of commissioner, when; closing offices on special observance days.
17-5821
17-5821. Same; officer's determination that emergency exists; approval
of commissioner, when; closing
offices on special observance days.
(a) Whenever the officers of an association are of the opinion that an
emergency exists, or is impending which affects, or may affect, an
association's offices, they shall have the authority, in the reasonable and
proper exercise of their discretion, to determine not to open such offices
on any business or banking day or, if having opened, to close such offices
during the continuation of such emergency. The offices so closed shall
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; however, in no case shall such offices remain closed
for more than forty-eight (48) consecutive hours, excluding other legal
holidays, without requesting and obtaining the approval of the
commissioner.
(b) The officers of an association may close the association's offices
on any day or days designated by proclamation of the president of the
United States or the governor or legislature of this state, as a day or
days of mourning, rejoicing or other special observance.
History: L. 1973, ch. 98, § 4; July 1.