§ 11-105-109 — Temporary closing of banks - when

Colorado § 11-105-109

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Banking Practices

Text

(1) Any bank doing business
in this state may remain closed on any day on which, by reason of an occasion of
national mourning or rejoicing or national or local emergency affecting the
community in which such bank is located, the governor shall by proclamation
request the people of the state or of said community to close their places of
business.

(2) If the banking board is of the opinion that an emergency exists affecting
banks located in the state or in any part thereof, it may authorize banks located in
the area affected by the emergency to close any or all of their offices, and it shall
make public announcement of such authorization. In addition, if the banking board
is of the opinion that an emergency exists that affects a particular bank or a
particular office thereof, but not banks located in the area generally, it may
authorize the particular bank or office so affected to close. As used in this
subsection (2), the word emergency shall include any condition that may interfere
with the conduct of the normal operations of, or the transportation of employees to
or from, a bank or one or more offices thereof, or that poses an existing or imminent
threat to the safety or security of bank personnel or property, including without
limitation conditions arising by reason of fire, flood, windstorm, snowstorm, or other
casualty, interruption of transportation or power facilities, war or other enemy
action, riots, civil commotion, or other acts of lawlessness or violence.

(3) If the officers of a bank are of the opinion that conditions exist that pose
an existing or imminent threat to the safety or security of bank personnel or
property generally or at any one or more offices thereof, they may close the bank or
the office affected by such threat, as the case may be, irrespective of whether the
governor or the banking board has acted under this section. As used in this section,
the word officers shall mean the person designated by the board of directors,
board of trustees, or other governing body of a bank to act for the bank in carrying
out the provisions of this section or, in the absence of any such designation or the
officer so designated, the president or any other officer currently in charge of the
operations of the bank or of the office in question. A bank closing an office
pursuant to this section shall give as prompt notice to the banking board of such
action as conditions permit.

(4) Any bank or office thereof that is closed by action of the banking board
under this section may remain closed until it declares that the emergency has
ended. Any bank or office thereof that is closed by decision of the officers of the
bank may remain closed until such officers determine that the threat has ended. In
either event, any bank or office thereof may remain closed for such further time
thereafter as may reasonably be required to reopen, but in any event not later than
the normal time of opening on the next business day.

(5) Any day on which a bank remains closed and any day on which a bank or
any one or more of its offices is closed during any part or all of its normal banking
hours, by decision of the banking board or by decision of its officers, shall be, with
respect to such bank, or if not all of its offices are closed, then with respect to
those offices that are closed, the equivalent of a legal holiday, as specified in
section 24-11-101, C.R.S., and any act authorized, required, or permitted to be
performed at or by or with respect to such bank or such office, as the case may be,
on such day may be performed on the next succeeding business day without any
liability or loss of rights resulting from such delay.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1116, � 3, effective July 1.