(a) During the period of or as a result of any financial emergency proclaimed by the
Governor or declared by the department, or during any impending or existing emergency
situation as described in Code Section 7-1-111, the department, in addition to all of the powers conferred upon it by law, shall
have the authority to order any one or more financial institutions to restrict all
or any part of their business and to limit or postpone for any length of time the
payment of any amount or proportion of the deposits in any of the departments of the
financial institutions as it may deem necessary or expedient. The department may further regulate the payments of such financial institutions as
to time and amount, as in its opinion the interest of the public or of such financial
institutions or the depositors thereof may require.
(b) No liability or loss of any rights of any kind shall be incurred by any financial
institution during any emergency period declared by the Governor or the department
by reason of the delay in the payment of any item or by the return or transmission
of any item or document if such delay is caused by orders of the Governor or the department,
interruption of communication facilities, suspension of payments by another financial
institution, war or emergency conditions, or other circumstances beyond the control
of the financial institution if it exercises such diligence as the circumstances require.
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