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SUSPENSION OF BUSINESS OF BANKS AND SAVINGS AND LOAN ASSOCIATIONS
Act 232 of 1978
AN ACT to permit financial institutions to suspend business in the event of an existing or impending emergency; to prescribe the powers and duties of financial institution officers and certain state agencies and officials; and to declare the legal effect of the suspensions of business authorized by this act.
History: 1978, Act 232, Imd. Eff. June 14, 1978
Am. 2006, Act 134, Imd. Eff. May 12, 2006
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
|Section 487.942||Section||Authorizing or ordering financial institutions to close offices because of existing or impending emergency; duration; advising governor; authorization to close financial institution on day of national mourning, rejoicing, or other special observance.
|Section 487.943||Section||Determination not to open or to close office of financial institution during emergency.
|Section 487.944||Section||Notice of closing.
|Section 487.945||Section||Period financial institution closed as legal holiday.
|Section 487.946||Section||Obligations to employees not altered.