2023 New York Laws › GCN - General Construction › Article 2 - Meaning of Terms › 24-A - Closing of Banking Organizations on Saturday; Sunday, Public Holiday or Saturday Afternoon Banking Transactions; Emergency Bank Holidays.

§  24-a.  Closing of banking organizations on Saturday; Sunday, public
  holiday or  Saturday  afternoon  banking  transactions;  emergency  bank
  holidays. 1. Any banking organization lawfully doing business within the
  state  of  New  York may be closed on any one or more Saturdays upon the
  adoption of a resolution to such effect by a majority vote of the  board
  of  directors or the board of trustees thereof or of the partners in the
  case of a private banker. Any one or more of such Saturdays shall,  with
  respect  to  any such banking organization which shall be closed thereon
  in accordance with the provisions  of  this  subdivision,  constitute  a
  public  holiday  within  the meaning of such term as used in and for all
  purposes of section twenty-five and twenty-five-a of this  chapter  (but
  not,  in  the  case  of  negotiable  instruments,  for  the  purposes of
  subdivision two of section twenty-five thereof), and shall neither be  a
  "full  business  day" nor a banking day within the meaning of such terms
  as used in and for all purposes of the uniform commercial code. The term
  "banking organization", as used in this section (except where  otherwise
  defined  therein), shall mean any banking organization as defined in the
  banking law, any branch or agency of a foreign banking corporation,  any
  national   bank,   federal   reserve  bank,  federal  savings  and  loan
  association, federal savings bank, federal home  loan  bank  or  federal
  credit union, and any person or association of persons lawfully carrying
  on the business of banking in this state whether incorporated or not. As
  used  in this section (except where otherwise defined therein), the term
  "officers" shall mean the person or persons designated by the  board  of
  directors  or trustees of a banking organization, or the partners in the
  case of a private  banker,  to  act  for  the  banking  organization  in
  carrying  out  the  provisions  of this section; the term "office" shall
  mean any place at which a banking organization transacts business  other
  than  its  principal office; and the term "person" shall include natural
  persons, corporations, partnerships and associations.
2. Nothing in any law of this state shall  in  any  manner  whatsoever
  affect  the  validity  of,  or  render  void  or  voidable,  the payment
  certification or acceptance of a check or  other  negotiable  instrument
  under  the uniform commercial code or any other transaction by a banking
  organization in this state, because done or performed on any  Sunday  or
  public  holiday,  or  on  any  Saturday  between twelve o'clock noon and
  midnight, provided such payment,  certification,  acceptance,  or  other
  transaction  would  be valid if done or performed on any business day or
  before twelve o'clock noon on such  Saturday;  provided,  further,  that
  nothing  in  this  subdivision  shall be construed to compel any banking
  organization in this state, which by law or custom is entitled to  close
  at twelve o'clock noon on any Saturday, to keep open for the transaction
  of  business or to perform any of the acts or transactions aforesaid, on
  any Saturday after such hour except at its own option or to  compel  any
  banking  organizations  in  this  state to keep open on a public holiday
  except at its own option and then only to the extent it elects to do so.
3. a. The governor is authorized, by proclamation,  to  designate  and
  appoint  one  or  more holidays, or holiday periods, to be known as bank
  holidays, to be observed throughout the state, or to be  observed  in  a
  portion  or  portions  thereof, as specified in such proclamation, if an
  emergency as hereinafter defined, shall, in his  opinion,  require  such
  action.
b.  Whenever the officers of a banking organization are of the opinion
  that an emergency, as hereinafter defined, exists which affects  one  or
  more  or  all  the  banking  organization's  offices,  they  shall  have
  authority to close one or more or  all  such  offices  even  though  the
  governor  has not issued and does not issue a proclamation of emergency,
  provided however, that provision  is  made  by  such  officers  for  the

  transaction  of  the  business normally transacted at a closed office at
  another office or the principal  office  of  the  banking  organization,
  until  further  notice.  The  office  or  offices so closed shall remain
  closed  until  the officers or, in the case of a banking organization as
  defined in the banking law, the superintendent  of  financial  services,
  direct  that  it  be opened. A banking organization closing an office or
  offices pursuant to this paragraph  shall  give  prompt  notice  to  the
  superintendent of financial services of its action.
c.  Whenever the officers of a banking organization are of the opinion
  that an emergency, as hereinafter  defined,  exists  which  affects  the
  banking  organization's  principal  office, they shall have authority to
  close such principal office even though the governor has not issued  and
  does  not  issue  a  proclamation  of  emergency, provided however, that
  provision is made by such officers for the transaction of  the  business
  normally  transacted  at such principal office, at another office of the
  banking organization, until further notice;  provided  further  however,
  that if no other office of the banking organization can be so designated
  for the transaction of the business normally transacted at the principal
  office,  the  officers  may  direct  that  the principal office shall be
  closed only with the prior approval of the superintendent  of  financial
  services.  The  superintendent  of  financial  services,  in giving such
  approval, may require certification of  such  official  of  the  federal
  government  or  of  the  state  of  New  York or a political subdivision
  thereof as he deems sufficient to establish  that  an  emergency  exists
  which  affects  such  banking organization's principal office. A banking
  organization closing such principal office pursuant  to  this  paragraph
  shall  give prompt notice to the superintendent of financial services of
  its action.
d. Whenever the officers of a banking organization are of the  opinion
  that  an  emergency,  as  hereinafter  defined,  exists  which adversely
  affects the conduct of any business operation or function  conducted  at
  the  bank's  principal  office,  they shall have the authority, upon the
  prior approval of the  superintendent  of  financial  services,  not  to
  conduct  such  operation  or  function  even though the governor has not
  issued and  does  not  issue  a  proclamation  of  emergency;  provided,
  however,  that  such  officers  may exercise this authority without such
  prior approval if they have in good faith attempted, but been unable, to
  contact the superintendent of financial services to  request  permission
  not to conduct such business operation or function; and provided further
  the  principal  office  shall  not be closed in its entirety pursuant to
  this paragraph. No  business  operation  or  function  shall  be  closed
  pursuant to this paragraph d unless such officers have attempted, but in
  good  faith  found  it  infeasible to conduct such business operation or
  function at another office. A banking organization closing any  business
  operation  or  function pursuant to this paragraph shall promptly notify
  the superintendent of financial services  of  its  action  in  a  manner
  prescribed by the superintendent.
e.  The  discretion  of  the  officers  of any banking organization in
  acting pursuant to this subdivision, when exercised in good faith, shall
  not be questioned in any court or place.
f. No banking organization and no director, officer or employee  of  a
  banking  organization  shall  be  liable to any person for any direct or
  indirect  loss  suffered  by  such  person  by  reason  of  the  banking
  organization's  failure  or  inability  to  make  access  to the banking
  organization's premises and facilities available to such  person  or  by
  reason of the banking organization's failure to perform, or its delay in
  performing,  any  contractual,  statutory  or  other  duty assumed by or
  imposed upon the banking organization in any capacity when such failure,

  inability or delay is caused by the banking organization, or any  office
  or  the  principal  office  thereof,  being closed as authorized by this
  section.
g.  An  emergency,  within the meaning of this section, shall mean any
  condition which  may  interfere  with  the  conduct  of  normal  banking
  operations, in the holiday area, or at one or more or all offices or the
  principal  office  of  a banking organization or organizations, or which
  poses an imminent or existing threat  to  the  safety  and  security  of
  persons or property, or both, including floods, wind, rain, hail or snow
  storms,  power  failures,  transportation  failures,  earthquake,  fire,
  riots, strikes, civil commotion, labor disputes, enemy action or  threat
  of  enemy  action,  and  any  similar  or  different condition which may
  interfere physically with the conduct of normal  banking  operations  in
  the holiday area.
h.  During such holiday, holidays and holiday periods, provided for in
  paragraphs a through c of this subdivision,  all  banking  organizations
  may  close  any  or all of their places of business in the holiday area.
  The superintendent of financial services may,  however,  by  special  or
  general   regulation,   restriction,  or  order,  provide  that  banking
  organizations (as such term is defined in the banking law) and  branches
  and agencies of foreign banking corporations in this state shall, to the
  extent  and  at  such  of their places of business as may be directed by
  him, carry on such of their  normal  and  usual  operations  or  banking
  transactions  in  the  holiday  area  during  such  holiday, holidays or
  holiday period, as may appear to him to be in the best interests of  the
  public. Such holiday, holidays or holiday periods shall, with respect to
  such  place  or  places  of  business in the holiday area of any banking
  organization which shall  be  closed  thereon  in  accordance  with  the
  provisions  of  this subdivision, constitute a public holiday within the
  meaning of such term as used in and for all purposes of subdivision  one
  of  section  twenty-five and of subdivision one of section twenty-five-a
  of this chapter (but not for the purposes of subdivision two of  section
  twenty-five or of subdivision two of section twenty-five-a thereof), and
  shall  neither  be  "full  business  days"  nor  banking days within the
  meaning of such terms as used in and for all  purposes  of  the  uniform
  commercial code, to the extent that the performance of obligations under
  said  code  are  not  directed to be performed by the special or general
  regulations, restrictions or orders of the superintendent  of  financial
  services,  and  shall  not be deemed to be public holidays for any other
  purpose, or under any other provision of law. If any  banking  operation
  or  function  is  closed  pursuant to paragraph d of this subdivision, a
  bank holiday shall be  deemed  to  exist,  with  the  same  effects  and
  limitations as set forth in the preceding sentence, with respect to such
  banking operation or function.
i.  A  bank  office  or  principal  office  that  has  been  closed as
  authorized by this section may nonetheless  conduct  limited  operations
  and  perform  banking  transactions  (i)  for  the  convenience  of  its
  customers or (ii) relating to transactions between that bank  and  other
  banks  or  persons  which have remained open for business or are outside
  the holiday area.
j. For purposes of this section, each reference to the  superintendent
  of  financial  services  shall  be deemed to include any official of the
  department of financial services  to  whom  authority  granted  by  this
  section has been delegated.