- (a) The legal holidays applicable to state banks shall be those holidays set forth in Arkansas Code § 1-5-101 and such other holidays as shall be established from time to time by the Board of Governors of the Federal Reserve System.
- (b) A state bank is not required to close on any legal holiday.
- (c) A bank may close one (1) business day of each week in which event the day of such closing is deemed a legal holiday and not a business day.
- (d) Business transacted on a holiday is binding and shall have the same effect as if transacted on the next succeeding business day.
- (e) All items payable on a legal holiday shall be deemed to be payable on the day next succeeding the holiday.
Codification Notes: This section was promulgated as Section 48-103.1 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-48-103)"