South Dakota Codified Laws 51A-3-25. Change in control of bank
For the purposes of application approval under § 51A-2-16, a change of control created by the acquisition of shares in satisfaction of a debt previously contracted in good faith or through testate or intestate succession, bona fide gift, or trust distribution does not require an application for change in control. The acquirer shall advise the director within thirty days after the acquisition and provide such information as the director may request.
For the purposes of this section, the term, control, means the power, directly or indirectly, to direct the management or policies of a bank or to vote twenty-five percent or more of any class of voting securities of a bank.
Terms Used In South Dakota Codified Laws 51A-3-25
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Intestate: Dying without leaving a will.
- Testate: To die leaving a will.
Source: SL 1988, ch 371, § 70; SL 1989, ch 411, § 1; SDCL § 51-17-23.1; SL 1991, ch 390, § 4; SL 2008, ch 252, § 16; SL 2012, ch 252, § 11.