§ 24-a. Closing of banking organizations on Saturday; Sunday, public\nholiday or Saturday afternoon banking transactions; emergency bank\nholidays. 1. Any banking organization lawfully doing business within the\nstate of New York may be closed on any one or more Saturdays upon the\nadoption of a resolution to such effect by a majority vote of the board\nof directors or the board of trustees thereof or of the partners in the\ncase of a private banker. Any one or more of such Saturdays shall, with\nrespect to any such banking organization which shall be closed thereon\nin accordance with the provisions of this subdivision, constitute a\npublic holiday within the meaning of such term as used in and for all\npurposes of section twenty-five and twenty-five-a of this chapter (but\nnot, in the case of negotiable instruments, for the purposes of\nsubdivision two of section twenty-five thereof), and shall neither be a\n"full business day" nor a banking day within the meaning of such terms\nas used in and for all purposes of the uniform commercial code. The term\n"banking organization", as used in this section (except where otherwise\ndefined therein), shall mean any banking organization as defined in the\nbanking law, any branch or agency of a foreign banking corporation, any\nnational bank, federal reserve bank, federal savings and loan\nassociation, federal savings bank, federal home loan bank or federal\ncredit union, and any person or association of persons lawfully carrying\non the business of banking in this state whether incorporated or not. As\nused in this section (except where otherwise defined therein), the term\n"officers" shall mean the person or persons designated by the board of\ndirectors or trustees of a banking organization, or the partners in the\ncase of a private banker, to act for the banking organization in\ncarrying out the provisions of this section; the term "office" shall\nmean any place at which a banking organization transacts business other\nthan its principal office; and the term "person" shall include natural\npersons, corporations, partnerships and associations.\n 2. Nothing in any law of this state shall in any manner whatsoever\naffect the validity of, or render void or voidable, the payment\ncertification or acceptance of a check or other negotiable instrument\nunder the uniform commercial code or any other transaction by a banking\norganization in this state, because done or performed on any Sunday or\npublic holiday, or on any Saturday between twelve o'clock noon and\nmidnight, provided such payment, certification, acceptance, or other\ntransaction would be valid if done or performed on any business day or\nbefore twelve o'clock noon on such Saturday; provided, further, that\nnothing in this subdivision shall be construed to compel any banking\norganization in this state, which by law or custom is entitled to close\nat twelve o'clock noon on any Saturday, to keep open for the transaction\nof business or to perform any of the acts or transactions aforesaid, on\nany Saturday after such hour except at its own option or to compel any\nbanking organizations in this state to keep open on a public holiday\nexcept at its own option and then only to the extent it elects to do so.\n 3. a. The governor is authorized, by proclamation, to designate and\nappoint one or more holidays, or holiday periods, to be known as bank\nholidays, to be observed throughout the state, or to be observed in a\nportion or portions thereof, as specified in such proclamation, if an\nemergency as hereinafter defined, shall, in his opinion, require such\naction.\n b. Whenever the officers of a banking organization are of the opinion\nthat an emergency, as hereinafter defined, exists which affects one or\nmore or all the banking organization's offices, they shall have\nauthority to close one or more or all such offices even though the\ngovernor has not issued and does not issue a proclamation of emergency,\nprovided however, that p
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.