51A-4-8. Deposit insurance required--Federal reserve system membership authorized.
Any bank authorized to engage in business under this title may obtain insurance of its deposits by the United States or any agency thereof. The commission may, by rule promulgated pursuant to chapter 1-26, establish requirements for insurance coverage of deposits. Any bank is authorized to acquire and hold membership in the federal reserve system. Such bank shall nevertheless be subject to the supervision and examination required by the laws of this state relating to banks.
Source: SL 1915, ch 102, art 2, §36; RC 1919, §8983; SL 1919, ch 125; SL 1933 (SS), ch 1, §1; SL 1935, ch 61, §1; SDC 1939, §§6.0405, 6.0408; SDCL, §§51-6-12, 51-6-13; SL 1969, ch 11, §4.3; SL 1988, ch 377, §83; SDCL, §51-18-3.
Structure South Dakota Codified Laws
Chapter 04 - General Powers Of Banks
Section 51A-4-1 - Miscellaneous banking powers.
Section 51A-4-3 - Operation of travel agency.
Section 51A-4-4 - Insurance business authorized.
Section 51A-4-5 - Certificate of authority required to engage in banking business--Misdemeanor.
Section 51A-4-6 - Order to cease and desist for violation--Right to appeal.
Section 51A-4-7 - Arrest and prosecution for violation.
Section 51A-4-8 - Deposit insurance required--Federal reserve system membership authorized.
Section 51A-4-9 - Real property authorized to be held by bank--Maximum book value of premises.
Section 51A-4-12 - Checks settled at par--Payment from reserve deposits.
Section 51A-4-13 - Borrowing money by bank--Pledge of assets.
Section 51A-4-14 - "Bills payable" issued for money borrowed by bank--Record of amount borrowed.
Section 51A-4-15 - Rediscounting of negotiable paper--Limitation on pledge of assets as security.
Section 51A-4-16 - Sale, transfer, or assignment of loan participations.
Section 51A-4-17 - Sale of assets of bank.
Section 51A-4-18 - Grounds and procedure for nonobservance of banking hours--Extension of hours.
Section 51A-4-19 - Change in banking hours--Notice to division.
Section 51A-4-20.1 - "Community development corporation" defined.
Section 51A-4-20.2 - Qualification of community development corporation as permissible investment.
Section 51A-4-20.3 - Promulgation of rules for investment in community development corporations.
Section 51A-4-20.4 - Investments to promote public welfare authorized--Limitations.
Section 51A-4-22 - Purchase of retail installment contract--Terms and effect of agreement.
Section 51A-4-23 - Leasing of personal property by bank--Terms and conditions.
Section 51A-4-24 - Factoring--Applicability of lending limit provisions.
Section 51A-4-25 - Bank investments--Restrictions set by rule--Limitations.
Section 51A-4-25.1 - Annuity defined.
Section 51A-4-27 - Investments in agricultural credit corporations and livestock loan companies.
Section 51A-4-28 - Restricted investment in mortgage banking companies authorized.
Section 51A-4-30 - Investment in federally sponsored housing loans.
Section 51A-4-42 - Restrictions on purchase of cash value life insurance contracts.
Section 51A-4-43 - Access to motor vehicle title and lien information on state's computer system.
Section 51A-4-44 - Financial institution and services defined.
Section 51A-4-45 - Contracts for services.
Section 51A-4-46 - Debt cancellation contracts and debt suspension contracts--Fee.