17:9A-23.52 - Powers of officers - New Jersey Statutes

17:9A-23.52.  Powers of officers
    Whenever the officers of a bank are of the opinion that an emergency exists  which affects one or more or all the bank's offices, they shall have authority  to close one or more or all such offices even though the commissioner has not  issued and does not issue a proclamation of emergency, and they may, but need  not, provide that the business normally transacted at a closed office will be  transacted at another office designated by the bank until further notice.  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, or, if the commissioner has issued no  proclamation of emergency, until the officers of the bank determine that such  office or offices should reopen. The discretion of the officers in acting  pursuant to this section, when exercised in good faith, shall not be questioned  in any court or place.

     L.1968, c. 149, s. 3, eff. July 12, 1968.