51A-15-24. Reorganization of bank by director--Distribution and effect of reorganization plan.
If the director of the Division of Banking determines to reorganize a bank he shall enter an order proposing a reorganization plan. A copy of the plan shall be sent to each depositor and creditor who will not receive payment of his claim in full under the plan together with notice that the director will proceed to effect the reorganization unless, within fifteen days, the plan is disapproved in writing by persons holding one-third or more of the aggregate amount of those claims. A department, agency, or political subdivision of this state holding a claim which will not be paid in full is authorized to participate as any other creditor.
Source: SL 1969, ch 11, §13.7 (3); SL 1982, ch 336, §5; SDCL, §51-27-16.
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-15-24 - Reorganization of bank by director--Distribution and effect of reorganization plan.
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.