South Dakota § 51A-12-6 Maximum amount of loans by bank to its executive officers, directors, and certain shareholders.

South Dakota Statutes

§ 51A-12-6 — Maximum amount of loans by bank to its executive officers, directors, and certain shareholders.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-11 BANK LOANS

The maximum amount of loans by a bank to its executive officers, its directors, and its shareholders who individually own more than ten percent of the capital stock of the bank or its parent bank holding company, shall be set by rules promulgated by the commission pursuant to chapter 1-26 . The commission rule may not be more restrictive than restrictions imposed by that bank's primary federal regulator. Loans to any partnership or corporation in which such officers, directors, and shareholders own an aggregate interest of twenty percent or more shall be included as a loan to the officers, directors, and shareholders.

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The maximum amount of loans by a bank to its executive officers, its directors, and its shareholders who individually own more than ten percent of the capital stock of the bank or its parent bank holding company, shall be set by rules promulgated by the commission pursuant to chapter 1-26 . The commission rule may not be more restrictive than restrictions imposed by that bank's primary federal regulator. Loans to any partnership or corporation in which such officers, directors, and shareholders own an aggregate interest of twenty percent or more shall be included as a loan to the officers, directors, and shareholders.

South Dakota § 51A-12-6 (Maximum amount of loans by bank to its executive officers, directors, and certain shareholders.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

SDC 1939, § 6.0429; SDCL, § 51-11-12; SL 1969, ch 11, § 10.5; SL 1979, ch 321, § 2; SL 1981, ch 346, § 53; SL 1988, ch 377, § 147; SDCL, § 51-24-8; SL 1994, ch 365, § 1.