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2018 Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 232 of 1978 SUSPENSION OF BUSINESS OF BANKS AND SAVINGS AND LOAN ASSOCIATIONS (487.941 - 487.946)
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
- Section 487.941 Definitions.
- Section 487.942 Authorizing 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 487.943 Determination not to open or to close office of financial institution during emergency.
- Section 487.944 Notice of closing.
- Section 487.945 Period financial institution closed as legal holiday.
- Section 487.946 Obligations to employees not altered.
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