South Dakota § 51A-15-11 Director's authority to suspend activities and take possession of bank--Grounds.

South Dakota Statutes

§ 51A-15-11 — Director's authority to suspend activities and take possession of bank--Grounds.

South Dakota § 51A-15-11

Title 51ABANKS AND BANKING

Ch. 51A-15SUSPENSION AND LIQUIDATION OF BANKS

This text of South Dakota § 51A-15-11 (Director's authority to suspend activities and take possession of bank--Grounds.) 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-15-11 (2026).

Text

After a hearing with three days' oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank if the director finds:

(1)The bank's capital is impaired or the bank is otherwise in an unsound condition;

(2)The bank's business is being conducted in an unlawful or unsound manner;

(3)The bank is unable to continue normal operations;

(4)The bank refuses to permit, obstructs, or impedes an examination as provided in § 51A-2-18 ;

(5)The bank places its affairs and assets under the control of the director;

(6)A parent corporation refuses to permit, obstructs, or impedes an examination as provide

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After a hearing with three days' oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank if the director finds: (1) The bank's capital is impaired or the bank is otherwise in an unsound condition; (2) The bank's business is being conducted in an unlawful or unsound manner; (3) The bank is unable to continue normal operations; (4) The bank refuses to permit, obstructs, or impedes an examination as provided in § 51A-2-18 ; (5) The bank places its affairs and assets under the control of the director; (6) A parent corporation refuses to permit, obstructs, or impedes an examination as provided in § 51A-2-37 ; (7) The bank is insolvent; or (8) The bank's insurance has been terminated pursuant to an action initiated by the Federal Deposit Insurance Corporation under 12 U.S.C. § 1818(a), as of January 1, 2015.

Legislative History

SL 1909, ch 222, art 1, § 9; SL 1909, ch 222, art 2, § 20; SL 1911, ch 256, §§ 9, 26; SL 1915, ch 102, art 1, § 9; SL 1915, ch 102, art 2, § 23; RC 1919, §§ 8925, 8970, 9056; SDC 1939, § 6.0604; SDCL § 51-14-11; SL 1969, ch 11, § 13.5; SL 1970, ch 265, § 65; SL 1981, ch 346, § 68; SL 1982, ch 336, § 2; SL 1988, ch 377, § 165; SDCL § 51-27-10; SL 2015, ch 239, § 9.