9-515. Same; powers of commissioner.
9-515
9-515. Same; powers of commissioner.
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 or
she may, by proclamation, authorize banks 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 bank or banks, but not banks located in the area
generally, he or she may authorize the particular bank or banks to close.
The bank or banks so closed shall remain closed until the commissioner
proclaims that the emergency has ended, or until such earlier time as the
officers of the bank determine that the bank 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. 1971, ch. 35, § 2; July 1.