(a) If an emergency arises or is so imminent and immediate as to interfere with or threaten the conduct of normal banking transactions or the safety and welfare of a Vermont or State depository institution's plant, assets, or personnel, the financial institution officer or official in charge of any office open to the public may determine not to open the office so threatened or close the same, if open. The financial institution shall notify the Commissioner of the emergency closing, as soon as reasonably possible. In no case, however, shall the office or offices closed under this section remain closed for more than two consecutive business days commencing the day following closure, except as otherwise provided by law, unless the Governor or Commissioner shall expressly authorize and sanction the same.

(b) An emergency closing pursuant to this section including the hours of any extension sanctioned by the Governor or Commissioner shall be lawful and the time of such closing, including any partial day before a closing, shall be considered a holiday and not a banking day. Nevertheless, the transaction of any banking business shall be valid and have the same effect as if performed during special hours on other than a banking day in accordance with section 11203 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)