South Dakota Codified Laws 51A-15-11. Director’s authority to suspend activities and take possession of bank–Grounds
After a hearing with three days’ oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank if the director finds:
(1) The bank’s capital is impaired or the bank is otherwise in an unsound condition;
Terms Used In South Dakota Codified Laws 51A-15-11
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) The bank’s business is being conducted in an unlawful or unsound manner;
(3) The bank is unable to continue normal operations;
(4) The bank refuses to permit, obstructs, or impedes an examination as provided in § 51A-2-18;
(5) The bank places its affairs and assets under the control of the director;
(6) A parent corporation refuses to permit, obstructs, or impedes an examination as provided in § 51A-2-37;
(7) The bank is insolvent; or
(8) The bank’s insurance has been terminated pursuant to an action initiated by the Federal Deposit Insurance Corporation under 12 U.S.C. § 1818(a), as of January 1, 2015.
Source: SL 1909, ch 222, art 1, § 9; SL 1909, ch 222, art 2, § 20; SL 1911, ch 256, §§ 9, 26; SL 1915, ch 102, art 1, § 9; SL 1915, ch 102, art 2, § 23; RC 1919, §§ 8925, 8970, 9056; SDC 1939, § 6.0604; SDCL § 51-14-11; SL 1969, ch 11, § 13.5; SL 1970, ch 265, § 65; SL 1981, ch 346, § 68; SL 1982, ch 336, § 2; SL 1988, ch 377, § 165; SDCL § 51-27-10; SL 2015, ch 239, § 9.