1. A. Power of the 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 may, by proclamation, authorize banks located in the affected area or areas to close any or all of 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, or a particular office or offices thereof, but not banks located in the area generally, he may authorize the particular bank or banks or office or offices so affected to close. The office or offices 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 one or more offices, theretofore closed because of the emergency, should reopen, and, in either event, for such further time thereafter as may reasonably be required to reopen.

2. B. Powers of officers. Whenever the officers of a bank are of the opinion that an emergency exists or is impending, which affects or may affect one or more or all of a bank's offices, they shall have the authority, in the reasonable and proper exercise of their discretion, to determine not to open any one or more or all of such offices on any business or banking day or, if having opened, to close any one or more or all of such offices during the continuation of such emergency, even if the Commissioner has not issued and does not issue a proclamation of emergency. The office or 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 office or offices remain closed for more than forty-eight (48) consecutive hours, excluding other legal holidays, without requesting the approval of the Commissioner.

   The officers of a bank may close any one or more or all of the bank's offices on any day or days designated by proclamation of the President of the United States or the Governor of this state as a day or days of mourning, rejoicing, or other special observance.

3. C. Notice to Commissioner. A bank closing an office or offices pursuant to the authority granted under subsection B of this act shall give as prompt notice of its action as conditions will permit, and by any means available, to the Commissioner or, in the case of a national bank, to the Comptroller of the Currency.

4. D. Effect of closing. Any day on which a bank, or any one or more of its offices, is closed during all or any part of its normal banking hours pursuant to the authorization granted under this act shall be, with respect to such bank or, if not all of its offices are closed, then with respect to any office or offices which are closed, a legal holiday for all purposes with respect to any banking business of any character. No liability, or loss of rights of any kind, on the part of any bank, or director, officer, or employee thereof, shall accrue or result by virtue of any closing authorized by this act.

   The provisions of this act shall be construed and applied as being in addition to, and not in substitution for or limitation of, any other law of this state or of the United States, authorizing the closing of a bank or excusing the delay by a bank in the performance of its duties and obligations because of emergencies or conditions beyond the bank's control or otherwise.

5. E. National banks. This section shall apply to national banks only with the approval of the Comptroller of the Currency.

Added by Laws 1971, SB 304, c. 352, § 8, emerg. eff. June 24, 1971.