South Dakota § 51A-2-18 Examination of banks by director--Substitution for examination requirements.

South Dakota Statutes

§ 51A-2-18 — Examination of banks by director--Substitution for examination requirements.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-2 DIVISION OF BANKING

The director shall examine, at least once in every two calendar years, and at such other times that he may deem necessary, all of the affairs of each bank and its subsidiaries. In order to determine how frequently to examine a bank, he may establish a system of classifying banks, based on their current examination, and examine different classes with varying frequency. The director may substitute an examination conducted by the Federal Deposit Insurance Corporation or the federal reserve system for an examination required by this section.

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The director shall examine, at least once in every two calendar years, and at such other times that he may deem necessary, all of the affairs of each bank and its subsidiaries. In order to determine how frequently to examine a bank, he may establish a system of classifying banks, based on their current examination, and examine different classes with varying frequency. The director may substitute an examination conducted by the Federal Deposit Insurance Corporation or the federal reserve system for an examination required by this section.

South Dakota § 51A-2-18 (Examination of banks by director--Substitution for examination requirements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

SL 1909, ch 222, art 1, § 4; SL 1911, ch 256, § 4; SL 1915, ch 102, art 1, § 4; RC 1919, § 8920; SL 1935, ch 56; SDC 1939, § 6.0215; SDCL, §§ 51-12-7, 51-12-10; SL 1969, ch 11, § 2.14; SL 1970, ch 265, § 8; SL 1978, ch 350, § 4; SL 1981, ch 346, § 8; SL 1988, ch 377, § 34; SDCL, § 51-16-21.