South Dakota § 51A-15-15 Management and control powers of director in possession.

South Dakota Statutes

§ 51A-15-15 — Management and control powers of director in possession.

South Dakota § 51A-15-15

Title 51ABANKS AND BANKING

Ch. 51A-15SUSPENSION AND LIQUIDATION OF BANKS

This text of South Dakota § 51A-15-15 (Management and control powers of director in possession.) 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-15-15 (2026).

Text

When the director has taken possession he shall be vested with the full and exclusive power of management and control, including the power to assess outstanding capital stock, continue or to discontinue the business, to stop or to limit the payment of its obligations, to employ any necessary assistants, to execute any instrument in the name of the bank, to commence, defend and conduct in its name any action or proceeding in which it may be a party, to terminate his possession by restoring the bank to its board of directors and to reorganize or liquidate the bank in accordance with this chapter. As soon as practicable after taking possession the director shall make an inventory of the assets and file a copy thereof with the circuit court.

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When the director has taken possession he shall be vested with the full and exclusive power of management and control, including the power to assess outstanding capital stock, continue or to discontinue the business, to stop or to limit the payment of its obligations, to employ any necessary assistants, to execute any instrument in the name of the bank, to commence, defend and conduct in its name any action or proceeding in which it may be a party, to terminate his possession by restoring the bank to its board of directors and to reorganize or liquidate the bank in accordance with this chapter. As soon as practicable after taking possession the director shall make an inventory of the assets and file a copy thereof with the circuit court.

Legislative History

SL 1911, ch 256, §§ 11, 14; SL 1915, ch 102, art 1, §§ 12, 15; RC 1919, §§ 8928, 8931; SL 1931, ch 88; SDC 1939, §§ 6.0607, 6.0608; SDCL, §§ 51-14-19, 51-14-22; SL 1969, ch 11, § 13.6 (2); SDCL, § 51-27-12.