The board may, by and with the consent of the Governor, permit or require any state bank or any number or all of such banks to:
(1) Operate and do business in such manner and under such limitations and regulations as the board, with the approval of the Governor, may prescribe, or
(2) Cease business for such period of time as the board, with the approval of the Governor, may direct, in which case the period of such cessation shall be held to be a legal holiday as to such bank or banks.