The director shall suspend the activities and take possession pursuant to § 51A-15-11 or 51A-15-21 by posting upon the premises a notice reciting that all activities shall be suspended and that the director is assuming possession pursuant to this chapter and the time, not earlier than the posting of the notice, when the director’s possession is deemed to commence. The notice shall also be posted to the division’s website. The director shall notify the appropriate federal reserve bank of an action to take possession of any bank which is a member of the federal reserve system.

Terms Used In South Dakota Codified Laws 51A-15-14

  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC

Source: SL 1969, ch 11, § 13.6(1); SL 1988, ch 377, § 166; SDCL § 51-27-11; SL 2012, ch 252, § 26; SL 2015, ch 239, § 10.

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