§ 397:2 — Powers of Bank Commissioner

During the period of any banking emergency so proclaimed, the bank commissioner, hereinafter called the commissioner, in addition to all other powers conferred upon him by law, shall have authority to order any one or more banks to restrict all or any part of their business and to limit or postpone for any length of time the payment of any amount or proportion of the deposits in any of the departments thereof as he may deem necessary or expedient and may further regulate payments therefrom as to time and amount, as in his opinion the interest of the public or of such bank or banks or the depositors thereof may require, and may make such further orders and regulations in respect to the business of such bank or banks as in his opinion the interest of the public or of such bank or banks or the depositors thereof may require, and any order or orders made by him hereunder may be amended, changed, extended, or revoked, in whole or in part, whenever in his judgment circumstances warrant or require. After the termination of any such banking emergency, any such order may be continued in effect as to any particular bank or banks as aforesaid if in the judgment of the commissioner circumstances warrant or require and the governor approves.

Legislative History

1933, 25:2. RL 318:2.