§ 95 — General provisions

New York § 95

• Jurisdiction: New York
• Law DEA: Defense Emergency Act 1951 784/51
• Art. 7: Banking

Text

§ 95. General provisions. 1. In any action or proceeding it shall be\npresumed that a condition of acute emergency existing within any city or\ncounty within the state constitutes a condition of acute emergency with\nrespect to every institution within such city or county.\n 2. The board of directors of every corporate institution shall, during\nany period of acute emergency, have all of the powers of an emergency\nboard of directors as provided by this article. This article shall not\nbe construed as limiting the powers of any institution or of the\nstockholders or members or board of directors of any corporate\ninstitution.\n 3. This article shall not be construed as permitting or requiring any\ncorporation organized under the laws of any other state of the United\nStates or of any foreign country, or of Puerto Rico, or any branch,\noffice, or agency of such corporation, or the board of directors,\nofficers, or stockholders of any such corporation to do anything which\nthey could not lawfully and validly do under the laws of the\njurisdiction under whose laws such corporation was organized.\n