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The Vermont Statutes Online
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.)