47.0151 EMERGENCY SUSPENSION OF BUSINESS, DEFINITIONS.

334 words·~2 min read·/mn/chapter-47/47-0151

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

Subdivision 1. Scope.

For the purposes of sections 47.0151 to 47.0155 , the terms defined in this section have the meanings given them, unless the context requires otherwise.

Subd. 2. Commissioner.

"Commissioner" means the commissioner of commerce.

Subd. 3. Financial institution.

"Financial institution" includes a bank, a savings bank, a trust company, any branch or agency of a foreign banking organization, a person or association of persons lawfully carrying on the business of banking, a savings association, and, so far as the provisions of sections 47.0151 to 47.0155 are consistent with federal law, national banks and federal savings associations, and includes any branch or detached facility of any of them.

Subd. 4. Officer.

"Officer" means the person designated by the board of directors, board of trustees, or other governing body of a financial institution, to act for the financial institution in carrying out the provisions of sections 47.0151 to 47.0155 or, in the absence of a designation or of the officer or officers designated, the president or any other officer currently in charge of the operations of the financial institution or of the office or offices in question.

Subd. 5. Office.

"Office" means any place at which a financial institution transacts its business or conducts operations related to its business.

Subd. 6. Emergency.

"Emergency" means any condition or occurrence which may interfere physically with the conduct of normal business operations at one or more or all of the offices of a financial institution and which poses an imminent or existing threat to the safety or security of persons or property, or both. An emergency includes but is not limited to fire; flood; earthquake; hurricane; wind, rain, or snow storms; labor disputes and strikes; power failures; transportation failures; interruption of communication facilities; shortages of fuel, housing, food, transportation or labor; robbery or attempted robbery; actual or threatened enemy attack; epidemics or other catastrophes, riots; civil commotions; and other acts of lawlessness or violence.