51A-2-8. Terms of commission members--Vacancies--Removal for cause.
The term of office of members of the commission as created by this chapter is three years each. However, the term of office of only one member who is a director or officer of a bank may expire each year.
Vacancies arising other than from the natural expiration of a term shall be appointed for the remainder of the unexpired term only and such appointees shall meet the qualifications prescribed by law for the vacated position. All appointments to the commission are effective on the thirty-first day of October in which the Governor appoints the member, unless otherwise designated by the Governor. Members shall serve until their successors are appointed and qualified. Any member may be removed by the Governor for cause. The three-year terms expire on October thirtieth in the third year of appointment.
Any member's term ending June 30, 2013, or thereafter is extended to October thirtieth in the year the term is to expire.
Source: SL 1933, ch 47, §1; SDC 1939, §6.0201; SL 1941, ch 13; SL 1945, ch 26; SL 1966, ch 11; SDCL §51-2-10; SL 1969, ch 11, §2.8; SL 1970, ch 265, §4; SL 1975, ch 7, §3; SL 1988, ch 377, §23; SDCL §51-16-8; SL 2012, ch 16, §2; SL 2013, ch 176, §2.
Structure South Dakota Codified Laws
Chapter 02 - Division Of Banking
Section 51A-2-1 - Establishment of Division of Banking.
Section 51A-2-3 - Director of division--Vacancy--Qualifications.
Section 51A-2-4 - Director of division--Appointment and removal.
Section 51A-2-5 - Deputy director--Appointment--Powers and duties.
Section 51A-2-6 - Staff employees--Compensation--Dismissal--Background investigation.
Section 51A-2-8 - Terms of commission members--Vacancies--Removal for cause.
Section 51A-2-9 - Chairman and secretary of commission--Per diem and expenses of members.
Section 51A-2-10 - Meetings of commission.
Section 51A-2-11 - Quorum--Replacement of nonparticipating member.
Section 51A-2-12 - Clerical, technical, and legal assistance for commission.
Section 51A-2-13 - Rules promulgated by commission.
Section 51A-2-14 - Rules granting additional authority to banks to promote competitive equality.
Section 51A-2-14.1 - State chartered banks granted powers allowed federally chartered banks.
Section 51A-2-14.2 - Restrictions on federally chartered banks apply to state chartered banks.
Section 51A-2-15 - Considerations of commission in making rules and regulations.
Section 51A-2-17 - Forms of advertising.
Section 51A-2-18 - Examination of banks by director--Substitution for examination requirements.
Section 51A-2-19 - Subpoena power--Witness fees and mileage.
Section 51A-2-20 - Examination by director upon application by board--Fees and expenses.
Section 51A-2-21 - Order to prohibit stockholders' action pending judicial determination.
Section 51A-2-22 - Removal of director, officer, or employee of bank--Grounds for order by director.
Section 51A-2-23 - Review of removal order by commission.
Section 51A-2-24 - Accounting practices--Valuation of assets--Required practices to protect loans.
Section 51A-2-25 - Temporary order of director against unsound practice.
Section 51A-2-26 - Permanent order of commission against unsound practice.
Section 51A-2-27 - Injunctive relief.
Section 51A-2-28 - Seal of director.
Section 51A-2-29 - Record of fees--Disposition of money collected.
Section 51A-2-30 - Banking special revenue fund created--Disbursements.
Section 51A-2-35 - Records of division open to public inspection--Exceptions--Court order.