§ 19-13-1 - Proclamation of emergency.
SECTION 19-13-1
§ 19-13-1 Proclamation of emergency.– The governor may proclaim that a banking emergency exists when it appearsnecessary to protect the public and the interests of those regulatedinstitutions or of the shareholders, depositors, or other creditors of thoseregulated institutions. Thereupon any or all of the regulated institutionsshall be subject to special regulation by the director, until the governor, bylike proclamation, declares the period of banking emergency terminated. Anyaction taken or order issued by the director in any of the following sectionsin this chapter shall, in each instance, be taken only with the approval of thegovernor.