South Dakota § 51A-14-3 Conversion from state bank to national bank.

South Dakota Statutes

§ 51A-14-3 — Conversion from state bank to national bank.

South Dakota § 51A-14-3

Title 51ABANKS AND BANKING

Ch. 51A-14REORGANIZATION OF BANKS

This text of South Dakota § 51A-14-3 (Conversion from state bank to national bank.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 51A-14-3 (2026).

Text

Any bank may make application for reorganization as a national bank under the laws of the United States. The bank shall forward to the director a copy of a resolution of the board of directors to convert to a national bank. In the event such bank secures a certificate from the comptroller of the currency authorizing it to transact business as a national bank, such national bank shall take and hold all the assets, real and personal, of such state bank, subject to all liabilities existing against such bank at the time of such reorganization, and shall immediately notify the director of such reorganization and transfer. At the time of reorganization, the directors of such bank shall institute proceedings to dissolve legally the old state bank charter in the same manner as provided herein for 

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Any bank may make application for reorganization as a national bank under the laws of the United States. The bank shall forward to the director a copy of a resolution of the board of directors to convert to a national bank. In the event such bank secures a certificate from the comptroller of the currency authorizing it to transact business as a national bank, such national bank shall take and hold all the assets, real and personal, of such state bank, subject to all liabilities existing against such bank at the time of such reorganization, and shall immediately notify the director of such reorganization and transfer. At the time of reorganization, the directors of such bank shall institute proceedings to dissolve legally the old state bank charter in the same manner as provided herein for dissolution under voluntary liquidation.

Legislative History

SL 1909, ch 222, art 2, § 22; SL 1915, ch 102, art 2, § 25; RC 1919, § 8972; SDC 1939, § 6.0406; SDCL, § 51-13-2; SL 1969, ch 11, § 12.2; SL 1988, ch 377, § 157; SDCL, § 51-26-2.