Sec. 06.05.166. Legal holidays and closings.

379 words·~2 min read·/ak/title-6/chapter-5/06-05-166

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A bank organized under or doing business under the laws of the state or a national bank may remain closed on the legal holidays described in AS 44.12.010 — 44.12.025. The bank shall post a notice of holiday closing in the place of business affected at least seven days in advance.

(b)If a contract by its terms requires the payment of money or the performance of a condition on a holiday allowed under

(a)of this section by or at a state or national bank, payment may be made or the condition performed on the next succeeding business day with the same effect as if made or performed in accordance with the terms of the contract.

(c)In an emergency, a bank may elect not to open any of its banking offices on a business or banking day or, having opened, to close any banking office. The bank shall notify the department of the nonopening or the closing before taking the action, if possible, and, in any event, not later than 15 days after the nonopening or closing. Any act relating to the banking office that has been closed for any period of time under this subsection may be performed on the next business day that the office is open for business. No liability or loss of rights of any kind on the part of any person, firm, or corporation or of the bank results from the nonopening or closing, and the rights of all parties are suspended during the nonopening or closing.

(d)In addition to legal holidays, a bank's board of directors may declare a closing of the bank on any other normal business day, if the department authorizes the closure, the bank posts notice of the closing in the place of business affected at least 15 days in advance, and the bank maintains all normal processing and clearing operations on the closed day.

(e)Under

(a)or

(d)of this section, a bank may not be closed for more than three consecutive days.

(f)A bank may operate a branch bank on a different schedule approved by the department if the department determines that operation on a different schedule will provide better service or otherwise benefit the public.