9-516.   Same; powers of bank officers.(a) Whenever the officers of a bank are of the opinion that an emergencyexists, or is impending, which affects, or may affect, a bank's offices,they shall have the authority, in the reasonable and proper exercise oftheir discretion, to determine not to open such offices on any business orbanking day or, if having opened, to close such offices during thecontinuation of such emergency. The offices so closed shall remain closeduntil such time as the officers determine that the emergency has ended, andfor such further time thereafter as may reasonably be required to reopen;however, in no case shall such offices remain closed for more thanforty-eight (48) consecutive hours, excluding other legal holidays, withoutrequesting and obtaining the approval of the commissioner.

      (b)   The officers of a bank may close the bank's offices on any day ordays designated by proclamation of the president of the United States orthe governor or legislature of this state, as a day or days of mourning,rejoicing or other special observance, and on such other day or days oflocal special observance as in the reasonable and proper exercise of theirdiscretion they feel the bank should observe.

      History:   L. 1971, ch. 35, § 3; L. 1975, ch. 44, § 4; July 1.