§11205. Emergency closing by financial institution

Link to law: http://legislature.vermont.gov/statutes/section/08/201/11205
Published: 2015

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Title

08

:
Banking and Insurance






Chapter

201

:
SUPERVISION; DEFINITIONS






Subchapter

002
:
BUSINESS DAYS AND EMERGENCIES










 

§

11205. Emergency closing by financial institution

(a) If an

emergency arises or is so imminent and immediate as to interfere with or

threaten the conduct of normal banking transactions or the safety and welfare

of a Vermont or State depository institution's plant, assets, or personnel, the

financial institution officer or official in charge of any office open to the

public may determine not to open the office so threatened or close the same, if

open. The financial institution shall notify the Commissioner of the emergency

closing, as soon as reasonably possible. In no case, however, shall the office

or offices closed under this section remain closed for more than two

consecutive business days commencing the day following closure, except as

otherwise provided by law, unless the Governor or Commissioner shall expressly

authorize and sanction the same.

(b) An emergency

closing pursuant to this section including the hours of any extension

sanctioned by the Governor or Commissioner shall be lawful and the time of such

closing, including any partial day before a closing, shall be considered a

holiday and not a banking day. Nevertheless, the transaction of any banking

business shall be valid and have the same effect as if performed during special

hours on other than a banking day in accordance with section 11203 of this

title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
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