South Dakota Const. art. XVIII, § 1

South Dakota Constitution

Article XVIII, § 1 — General banking law -- Provisions required

South Dakota Const. art. XVIII, § 1 (General banking law -- Provisions required) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

JurisdictionSouth Dakota DocumentConstitution

ArticleXVIII

Section§ 1

CitationSouth Dakota Const. art. XVIII, § 1

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S.D. Const. art. XVIII, § 1.

Full Text

If a general banking law shall be enacted it shall provide for the registry and countersigning by an officer of this state of all bills or paper credit designed to circulate as money, and require security to the full amount thereof, to be deposited with the state treasurer, in the approved securities of the state or of the United States, to be rated at ten per centum below their par value, and in case of their depreciation the deficiency shall be made good by depositing additional securities.

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If a general banking law shall be enacted it shall provide for the registry and countersigning by an officer of this state of all bills or paper credit designed to circulate as money, and require security to the full amount thereof, to be deposited with the state treasurer, in the approved securities of the state or of the United States, to be rated at ten per centum below their par value, and in case of their depreciation the deficiency shall be made good by depositing additional securities.