South Dakota Codified Laws 51A-3-16. Preferred stock, capital notes, and debentures–Director approval of issuance–Terms of issue–Director approval of retirement or payment
The director may approve the issuance of preferred stock, capital notes, debentures or other bank securities after approval of the majority of the stockholders. The terms of issue shall set forth the voting rights available thereon and the rank or priority, if any, of depositor or other creditor with reference to such issue in case of insolvency of the issuing bank. No such stock, notes, debentures or other bank securities may be issued prior to approval by the director. Before any such issue is retired or paid, the bank shall obtain the written approval of the director.
Terms Used In South Dakota Codified Laws 51A-3-16
- 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
Source: SL 1933 (SS), ch 1, § 4; SL 1935, ch 61, § 2; SDC 1939, § 6.0409; SL 1943, ch 16; SL 1955, ch 10; SDCL, §§ 51-4-7, 51-4-22; SL 1969, ch 11, § 3.6; SL 1981, ch 346, § 21; SDCL, § 51-17-6; SL 1988, ch 377, § 58; SDCL, § 51-17-20.1.