§ 5-5A-32 — Closing of Banks, Etc., Permitted on One Business Day of Each Week

Alabama § 5-5A-32

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 5A: Organization and Operation of Banks

Text

(a) Any bank or any branch or branches thereof may close on any one business day of each week and shall have this right even though there shall fall in such week a holiday as established in Section 1-3-8. If the superintendent should determine that an emergency should exist, he may authorize any bank or any branch or branches thereof to close on one or more business days.
(b) Any such day upon which such bank or any branch or branches thereof may elect to close shall with respect to such institution be deemed a holiday for all purposes and not a business day. All acts omitted or done by such bank or any branch or branches thereof upon any such day shall have the same consequence and effect as if omitted or done upon the next succeeding business day, and any act authorized, required or permitted to be performed at or with respect to any such bank or any branch or branches thereof on the days so fixed may be performed on the next succeeding business day, and no liability or loss of rights of any kind shall result from such delay to any person or to any bank, or any branch or branches thereof.

Legislative History

(Acts 1980, No. 80-658, §5-5-32.)