§ 28-13-10-9 — Legal holidays; resolution concerning days other than legal holidays; banking hours; emergencies affecting office hours

Indiana § 28-13-10-9

• Jurisdiction: Indiana
• Art. 13: CORPORATE GOVERNANCE
• Ch. 10: Meetings and Action of Board of Directors

Text

(a) As used in this section, "emergency"
means:
(1) any condition or occurrence that:
(A) may interfere physically with the conduct of normal
business operations; or
(B) poses an imminent or existing threat to the safety or
security of persons, property, or both persons and property;
at one (1) or more of the offices of a corporation;
(2) any condition or occurrence that:
(A) is declared a state of disaster emergency by the governor
under IC 10-14-3-12; and
(B) applies to an area that includes one (1) or more of the
offices of a corporation; or
(3) the death of or funeral services for an employee, officer, or
director of a corporation or for a former employee, officer, or
director of a corporation.
(b) A corporation may be closed on any part of a legal holiday by
giving reasonable notice to its customers of its intention to be closed in
observance of the holiday.
(c) Whenever a corporation is to be closed on a day or part of a day
other than a legal holiday, the board of directors shall pass a resolution
concerning the closing, and give reasonable notice of the closing to the
customers of the corporation.
(d) The board of directors of a corporation may establish and
observe different banking hours and designate different fixed days, if
any, for closing the principal office and each separate branch office of
the corporation.
(e) Any day designated by the President of the United States or by
the governor as a day of mourning, celebration, or other special
observance is a legal holiday for corporations.
(f) Whenever the officers of a corporation believe that an emergency
exists or is impending, which affects or may affect one (1) or more of
a corporation's offices, the officers have the authority, in the reasonable
and proper exercise of their discretion, to determine not to open any
one (1) or more of such offices or, if having opened, to close any one
(1) or more of such offices during the continuation of the emergency.
The office or offices so closed shall remain closed until the time the
officers determine that the emergency has ended. However, such office
or offices may not remain closed for more than forty-eight (48)
consecutive hours on business days, excluding other legal holidays,
without providing prior notice to the director of the department of
financial institutions.
(g) A corporation closing an office or offices under subsection (f)
shall give prompt notice of its action to the director of the department
of financial institutions.
(h) Any date on which a corporation is closed under this section is
a legal holiday with respect to the business affairs of the corporation.
No liability or loss of rights of any kind, on the part of any corporation,
director, officer, or employee, accrues or results by virtue of any
closing authorized by this section.

Legislative History

As added by P.L.176-1996, SEC.30. Amended by P.L.90-2008, SEC.78; P.L.137-2014, SEC.41.