51A-15-11. Director's authority to suspend activities and take possession of bank--Grounds.
After a hearing with three days' oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank if the director finds:
(1)The bank's capital is impaired or the bank is otherwise in an unsound condition;
(2)The bank's business is being conducted in an unlawful or unsound manner;
(3)The bank is unable to continue normal operations;
(4)The bank refuses to permit, obstructs, or impedes an examination as provided in §51A-2-18;
(5)The bank places its affairs and assets under the control of the director;
(6)A parent corporation refuses to permit, obstructs, or impedes an examination as provided in §51A-2-37;
(7)The bank is insolvent; or
(8)The bank's insurance has been terminated pursuant to an action initiated by the Federal Deposit Insurance Corporation under 12 U.S.C. §1818(a), as of January 1, 2015.
Source: SL 1909, ch 222, art 1, §9; SL 1909, ch 222, art 2, §20; SL 1911, ch 256, §§9, 26; SL 1915, ch 102, art 1, §9; SL 1915, ch 102, art 2, §23; RC 1919, §§8925, 8970, 9056; SDC 1939, §6.0604; SDCL §51-14-11; SL 1969, ch 11, §13.5; SL 1970, ch 265, §65; SL 1981, ch 346, §68; SL 1982, ch 336, §2; SL 1988, ch 377, §165; SDCL §51-27-10; SL 2015, ch 239, §9.
Structure South Dakota Codified Laws
Chapter 15 - Suspension And Liquidation Of Banks
Section 51A-15-1 - Voluntary liquidation--Requirements for approval.
Section 51A-15-2 - Ceasing to do business and winding up affairs on voluntary liquidation.
Section 51A-15-3 - Notice of voluntary liquidation--Manner of publication--Contents.
Section 51A-15-5 - Disposition of safe deposit on voluntary liquidation.
Section 51A-15-8 - Authority of director to take possession of bank in voluntary liquidation.
Section 51A-15-10 - Cancellation of voluntary liquidation.
Section 51A-15-11 - Director's authority to suspend activities and take possession of bank--Grounds.
Section 51A-15-12 - "Insolvent" defined.
Section 51A-15-13 - Receipt of deposits by insolvent bank unlawful--Felony.
Section 51A-15-14 - Notice of suspension and possession.
Section 51A-15-15 - Management and control powers of director in possession.
Section 51A-15-16 - Circuit court jurisdiction of proceedings--Venue.
Section 51A-15-17 - Change of venue.
Section 51A-15-20 - Postponement of limitation periods on director's taking actions.
Section 51A-15-23 - Proceedings exempt from open meetings and administrative procedure laws.
Section 51A-15-26 - Borrowing money by director in possession.
Section 51A-15-27 - Expenses of director paid from assets.
Section 51A-15-28 - Requirements for adoption of reorganization plan.
Section 51A-15-30 - Limitations on powers of director or receiver in liquidating bank.
Section 51A-15-31 - Executory contracts of bank terminated after commencement of liquidation.
Section 51A-15-32 - Fiduciary positions of bank terminated after commencement of liquidation.
Section 51A-15-34 - Notice of liquidation by director or receiver.
Section 51A-15-35 - Disposition of safe deposit boxes in liquidation by director or receiver.
Section 51A-15-36 - Settlement of claims by director or receiver in liquidation proceedings.
Section 51A-15-37 - Objections to schedule of determinations in settlement of claims.
Section 51A-15-38 - Partial distributions to claim holders authorized--Final distribution.
Section 51A-15-39 - Priority of claims in liquidation proceedings.
Section 51A-15-40 - Payment of claims not filed within time prescribed.
Section 51A-15-41 - Prorata payment of claims authorized.
Section 51A-15-42 - Distribution of assets remaining after liquidation.
Section 51A-15-43 - Disposition of unclaimed funds after liquidation.