South Dakota Codified Laws
Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations
Section 51A-3-3 - Incorporators of bank.

51A-3-3. Incorporators of bank.
The incorporators shall be any number of natural persons, residents of this state, eighteen years of age or older, not less than five in number.

Source: SL 1891, ch 27, §1; RCivC 1903, §847; SL 1909, ch 222, art 2, §1; SL 1911, ch 255, §1; SL 1915, ch 102, art 2, §2; SL 1917, ch 145, §1; RC 1919, §§8949, 9032; SL 1925, ch 95; SL 1927, ch 60; SDC 1939, §6.0302; SDCL, §51-3-2; SL 1969, ch 11, §3.3; SL 1988, ch 377, §55; SDCL, §51-17-3.

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Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 51A - Banks and Banking

Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations

Section 51A-3-1 - Corporation laws applicable to banks.

Section 51A-3-1.1 - Bank organized as limited liability company--Rules.

Section 51A-3-2 - Articles of incorporation or articles of organization--Content--Name of bank--Capital stock or members' equity.

Section 51A-3-3 - Incorporators of bank.

Section 51A-3-4 - Minimum capital.

Section 51A-3-5 - Sale price of original stock issue or original issue of members' equity--Excess credited to surplus.

Section 51A-3-6 - Transfers to surplus.

Section 51A-3-7 - Applications--Fee.

Section 51A-3-8 - Acceptance of application for charter.

Section 51A-3-9 - Conditions to be considered in ruling on application.

Section 51A-3-10 - Hearing on application.

Section 51A-3-12 - Endorsement and filing of approved articles--Notice of disapproval.

Section 51A-3-13 - Subscription of shares--Minimum collection--Refund on disapproval of application.

Section 51A-3-14 - Call by incorporators for full payment of subscriptions--Issuance of certificate of authority by director--Commencement of business within one year.

Section 51A-3-15 - Applications for branch banks and detached drive-in facilities--Applicable provisions.

Section 51A-3-16 - Preferred stock, capital notes, and debentures--Director approval of issuance--Terms of issue--Director approval of retirement or payment.

Section 51A-3-17 - Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends.

Section 51A-3-17.1 - Dividends--Definition.

Section 51A-3-18 - Dividends--Restrictions and requirements for declaration.

Section 51A-3-19 - Approval of director required for unusually large dividends.

Section 51A-3-20 - Recovery of dividends paid when capital impaired.

Section 51A-3-21 - Net profits defined.

Section 51A-3-22 - Amendment of articles of incorporation--Changes requiring approval of director--Filing of amendments.

Section 51A-3-23 - Extension of charter.

Section 51A-3-24 - Reporting transfers of stock.

Section 51A-3-25 - Change in control of bank.

Section 51A-3-26 - Lien on shares--Enforcement--Marking of certificates.

Section 51A-3-27 - Purchase or purchase money loans on security of own stock prohibited--Exception.

Section 51A-3-28 - Credit of dividends, interest, or profits on indebtedness--Foreclosure of lien.

Section 51A-3-30 - Adoption and approval of bylaws.

Section 51A-3-31 - Indemnification of officers, directors, or employees.

Section 51A-3-32 - Board of directors--Number of members--Citizenship requirements--Election.

Section 51A-3-33 - Removal of directors--Vote required.

Section 51A-3-34 - Board of directors--Meetings.

Section 51A-3-35 - Election of officers--Terms--Vacancies.

Section 51A-3-36 - Names of officers and information forwarded to director--Vacancy on refusal to confirm.

Section 51A-3-37 - Bonds of officers and employees.

Section 51A-3-38 - Insurance protection.

Section 51A-3-39 - Amount of bonds and insurance prescribed by bank directors--Approval by director of division.