§ 19-13-2. Suspension of payment of deposits.
During the period of a banking emergency, the director may, if deemed necessary for the protection of the public and of the interests of depositors and other creditors of any or all regulated institutions, order the regulated institutions to suspend or restrict, in whole or in part, the payment in currency, or by other means, of the liabilities of the regulated institutions to shareholders, depositors, and other creditors, except as hereinafter provided. The order shall become effective upon receipt by the regulated institutions of notice thereof, and shall continue in full force and effect during the period of banking emergency, until revoked or modified by the director. Whenever, in the judgment of the director, the condition of emergency, because of which the order was made, warrants action, the liability, the payment of which has been suspended or restricted, may be paid by the regulated institution, in whole or pro rata or in part, upon any terms and conditions and in any form as the director shall prescribe, provided that acceptance of any such payment, if and so far as not offered in legal tender, shall be optional with the person entitled to payment of that liability.
History of Section.P.L. 1995, ch. 82, § 51.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-13 - Banking Emergencies
Section 19-13-1. - Proclamation of emergency.
Section 19-13-2. - Suspension of payment of deposits.
Section 19-13-3. - Segregation of new cash deposits.
Section 19-13-4. - New deposits other than cash.
Section 19-13-5. - Bank holidays.
Section 19-13-6. - Conformity to federal law.
Section 19-13-7. - Violation of orders or rules.
Section 19-13-8. - Costs and expenses.
Section 19-13-9. - Emergency measure.
Section 19-13-10. - Emergency powers of the director.
Section 19-13-11. - Rules and regulations.