South Dakota Codified Laws 13-63-7. Conditions applicable to nonrenewed contracts
Current as of: 2023 | Check for updates
|
Other versions
If a contract executed between the council and a financial institution pursuant to this chapter is not renewed, all of the following conditions apply at the end of the term of the nonrenewed contract:
(1) Accounts previously established and held in investment instruments at the financial institution may not be terminated;
Terms Used In South Dakota Codified Laws 13-63-7
- Contract: A legal written agreement that becomes binding when signed.
(2) Additional contributions may be made to the accounts; and
(3) No new accounts may be placed with that financial institution.
Source: SL 2001, ch 97, § 7.