South Dakota Codified Laws 51A-4-20.2. Qualification of community development corporation as permissible investment
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To qualify as a permissible investment for banks pursuant to § 51A-4-20, a community development corporation shall be of a predominantly civic, community, or public nature and not merely private and entrepreneurial. Any project or entity which has been approved as a community development corporation by the Office of the Comptroller of the Currency, the Federal Reserve Board, or any other federal bank regulatory authority shall be eligible for investment by a bank, subject to the limitations of §§ 51A-4-20 to 51A-4-20.3, inclusive.
Terms Used In South Dakota Codified Laws 51A-4-20.2
- 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 1992, ch 334, § 1B.