The provisions of this act are declared to be severable, and if any section, sentence, clause or part thereof be held invalid or unconstitutional for any reason, or the application thereof to any bank, person or circumstance is held invalid such invalidity or unconstitutionality or application shall not affect the remainder of the act, and the application thereof to other banks, persons or circumstances shall not be affected thereby. The Legislature declares that it would have passed this act and each section, sentence, clause or part thereof, irrespective of the fact that any one or more sections, sentences, clauses or phrases be declared invalid.