2006 Michigan Compiled Laws - Act 232 of 1978


SUSPENSION OF BUSINESS OF BANKS AND SAVINGS AND LOAN ASSOCIATIONS

Act 232 of 1978

AN ACT to permit financial institutions to suspend business in the event of an existing or impending emergency; to prescribe the powers and duties of financial institution officers and certain state agencies and officials; and to declare the legal effect of the suspensions of business authorized by this act.


History: 1978, Act 232, Imd. Eff. June 14, 1978 ;--Am. 2006, Act 134, Imd. Eff. May 12, 2006




The People of the State of Michigan enact:

DocumentDescription
Section 487.941Definitions.
Section 487.942Authorizing or ordering financial institutions to close offices because of existing or impending emergency; duration; advising governor; authorization to close financial institution on day of national mourning, rejoicing, or other special observance.
Section 487.943Determination not to open or to close office of financial institution during emergency.
Section 487.944Notice of closing.
Section 487.945Period financial institution closed as legal holiday.
Section 487.946Obligations to employees not altered.

Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.