Section 490.221 - Closure of principal place of business or branch; existence of emergency or legal holiday.
CREDIT UNION ACT (EXCERPT)
Act 215 of 2003
490.221 Closure of principal place of business or branch; existence of emergency or legal holiday.
Sec. 221.
(1) The commissioner may by order require a domestic credit union to close its principal place of business or 1 or more branches if it appears to the commissioner that the action is required because an emergency exists. The facilities closed shall remain closed until the commissioner by order finds that the emergency is ended. The commissioner shall promptly notify the governor of the issuance of an order under this section.
(2) The commissioner may authorize a domestic credit union to close on a day designated by the president of the United States or the governor of this state as a day of national mourning, rejoicing, or other special observance.
(3) If the commissioner has not issued and does not issue an order of emergency under subsection (1) and the general manager or other designated officer of a domestic credit union determines that an emergency exists, the officer may close the principal place of business or 1 or more branches of the domestic credit union until he or she finds that the emergency is ended.
(4) A domestic credit union closing its principal place of business or 1 or more branches under this section shall give notice to the commissioner, and to any other appropriate governmental entity if required by law.
(5) The period during which the principal place of business of a domestic credit union is closed under this section is considered an emergency condition or a legal holiday, and not a banking day, if the status of the closing as a legal holiday, banking day, or a response to an emergency is relevant to any legal obligation of the domestic credit union.
(6) This section does not alter any obligations of a domestic credit union to its employees or to the employees of another employer under state or federal law.
History: 2003, Act 215, Eff. June 1, 2004