South Dakota Codified Laws 51A-2-37. Examinations of parent corporations by director–Penalty for refusal to allowexamination
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If the director considers it necessary, the director may examine the books and records of a corporation that holds twenty-five percent or more of the stock of a bank. If any parent corporation of a state chartered bank refuses to give any information required in the course of an examination, that parent corporation is subject to a civil fine of one thousand dollars for each day that the refusal continues. Continued refusal may result in the taking and possession of such bank as provided in § 51A-15-11.
Terms Used In South Dakota Codified Laws 51A-2-37
- 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.
Source: SL 1969, ch 11, § 2.28; SL 1970, ch 265, § 15; SL 1980, ch 24, § 84; SL 1981, ch 346, § 18; SL 1983, ch 357; SL 1988, ch 377, § 51; SDCL § 51-16-38; SL 2008, ch 252, § 11.