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. - 51A-3-1. Corporation laws applicable to banks. All provisions of law...

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

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

Section 51A-3-3 - Incorporators of bank. - 51A-3-3. Incorporators of bank. The incorporators shall be any number...

Section 51A-3-4 - Minimum capital. - 51A-3-4. Minimum capital. The total capital of each newly organized...

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

Section 51A-3-6 - Transfers to surplus. - 51A-3-6. Transfers to surplus. One-tenth of the net profit for...

Section 51A-3-7 - Applications--Fee. - 51A-3-7. Applications--Fee. Any application filed pursuant to §51A-2-16 shall be...

Section 51A-3-8 - Acceptance of application for charter. - 51A-3-8. Acceptance of application for charter. The director shall notify...

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

Section 51A-3-10 - Hearing on application. - 51A-3-10. Hearing on application. Within ninety days following an applicant's...

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

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

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. - 51A-3-14. Call by incorporators for full payment of subscriptions--Issuance of...

Section 51A-3-15 - Applications for branch banks and detached drive-in facilities--Applicable provisions. - 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. - 51A-3-16. Preferred stock, capital notes, and debentures--Director approval of issuance--Terms...

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

Section 51A-3-17.1 - Dividends--Definition. - 51A-3-17.1. Dividends--Definition. For the purposes of this chapter, dividends are...

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

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

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

Section 51A-3-21 - Net profits defined. - 51A-3-21. Net profits defined. Net profits shall be equal to...

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

Section 51A-3-23 - Extension of charter. - 51A-3-23. Extension of charter. Within one year prior to the...

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

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

Section 51A-3-26 - Lien on shares--Enforcement--Marking of certificates. - 51A-3-26. Lien on shares--Enforcement--Marking of certificates. Any bank has a...

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

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

Section 51A-3-30 - Adoption and approval of bylaws. - 51A-3-30. Adoption and approval of bylaws. Every bank shall adopt...

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

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

Section 51A-3-33 - Removal of directors--Vote required. - 51A-3-33. Removal of directors--Vote required. Any director may be removed...

Section 51A-3-34 - Board of directors--Meetings. - 51A-3-34. Board of directors--Meetings. The board of directors shall hold...

Section 51A-3-35 - Election of officers--Terms--Vacancies. - 51A-3-35. Election of officers--Terms--Vacancies. The officers of every bank shall...

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

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

Section 51A-3-38 - Insurance protection. - 51A-3-38. Insurance protection. The directors of a bank shall also...

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