47.0151 EMERGENCY SUSPENSION OF BUSINESS, DEFINITIONS.
Subdivision 1. Scope.
For the purposes of sections
, 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
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
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.
History: 1971 c 318 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1Sp1985 c 13 s
179; 1995 c 202 art 1 sec 25