Document Citation: 7 P.S. § 111

Header:
PENNSYLVANIA STATUTES
TITLE 7. BANKS AND BANKING
BANKING CODE OF 1965
CHAPTER 1. GENERAL PROVISIONS

Date:
02/14/2014

Document:
§ 111. Emergency powers

(a) In the event of an emergency resulting from a nuclear attack or similar disaster, an institution may during the continuance of such emergency, without regard to any restriction or limitation of this act, take any action to preserve the assets of the institution and to continue or resume its business, including any action to obtain the benefit of, or participate in, emergency action authorized by the Federal Government.

(b) Whenever the Secretary of Banking is of the opinion that circumstances or an emergency exists affecting all institutions in the Commonwealth or in any parts thereof, he may authorize by public announcement in such manner as he shall determine institutions located in the area or areas affected to close any or all of their offices. In addition, if the secretary is of the opinion that only a particular institution is affected but not those located in the area generally, he may authorize the particular institution to close its office or offices so affected.

As used in this subsection, the phrase "circumstances or an emergency" shall include but not be limited to any condition which may interfere with the conduct of the normal operations of an institution, poses a threat to the safety and security of the personnel or property of the institution, interrupts transportation or power facilities, involves war, riots, civil commotion or other acts of lawlessness or violence, or is a national or State occurrence of such magnitude as to justify authorization of a bank closing. Any closing made pursuant to this subsection shall be effective until the next business day or for such longer period as may be authorized by the secretary in his public announcement.