Rhode Island § 19-13-2 § 19-13-2. Suspension of payment of deposits.

Rhode Island Statutes

§ 19-13-2 — § 19-13-2. Suspension of payment of deposits.

Rhode Island § 19-13-2

Title 19Financial institutions

Ch. 19-13Banking Emergencies

This text of Rhode Island § 19-13-2 (§ 19-13-2. Suspension of payment of deposits.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-13-2 (2026).

Text

§ 19-13-2. Suspension of payment of deposits.
During the period of a banking emergency, the director may, if deemed necessary for
            the protection of the public and of the interests of depositors and other creditors
            of any or all regulated institutions, order the regulated institutions to suspend
            or restrict, in whole or in part, the payment in currency, or by other means, of the
            liabilities of the regulated institutions to shareholders, depositors, and other creditors,
            except as hereinafter provided. The order shall become effective upon receipt by the
            regulated institutions of notice thereof, and shall continue in full force and effect
            d

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§ 19-13-2. Suspension of payment of deposits.

During the period of a banking emergency, the director may, if deemed necessary for the protection of the public and of the interests of depositors and other creditors of any or all regulated institutions, order the regulated institutions to suspend or restrict, in whole or in part, the payment in currency, or by other means, of the liabilities of the regulated institutions to shareholders, depositors, and other creditors, except as hereinafter provided. The order shall become effective upon receipt by the regulated institutions of notice thereof, and shall continue in full force and effect during the period of banking emergency, until revoked or modified by the director. Whenever, in the judgment of the director, the condition of emergency, because of which the order was made, warrants action, the liability, the payment of which has been suspended or restricted, may be paid by the regulated institution, in whole or pro rata or in part, upon any terms and conditions and in any form as the director shall prescribe, provided that acceptance of any such payment, if and so far as not offered in legal tender, shall be optional with the person entitled to payment of that liability.