South Dakota § 51A-2-34 Interest in bank by division officers or employees prohibited--Relinquishment of interest by director or deputy for term of office.

South Dakota Statutes

§ 51A-2-34 — Interest in bank by division officers or employees prohibited--Relinquishment of interest by director or deputy for term of office.

South Dakota § 51A-2-34

Title 51ABANKS AND BANKING

Ch. 51A-2DIVISION OF BANKING

This text of South Dakota § 51A-2-34 (Interest in bank by division officers or employees prohibited--Relinquishment of interest by director or deputy for term of office.) 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-2-34 (2026).

Text

No officer or employee of the division may be an officer, director, trustee, attorney, owner, shareholder or partner in any state bank, nor receive any payment or gratuity directly or indirectly from that organization, nor be indebted to any state bank, nor engage in negotiation of loans for others with any such bank. The director or the deputy director shall have a reasonable length of time after his appointment to sell or to relinquish any interest he owns in a state - chartered bank in this state by transferring that interest to a nonrelated trustee for the tenure of his office.

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No officer or employee of the division may be an officer, director, trustee, attorney, owner, shareholder or partner in any state bank, nor receive any payment or gratuity directly or indirectly from that organization, nor be indebted to any state bank, nor engage in negotiation of loans for others with any such bank. The director or the deputy director shall have a reasonable length of time after his appointment to sell or to relinquish any interest he owns in a state - chartered bank in this state by transferring that interest to a nonrelated trustee for the tenure of his office.

Legislative History

SL 1909, ch 222, art 1, § 2; SL 1911, ch 256, § 2; SL 1915, ch 102, art 1, § 2; SL 1917, ch 140, § 1; RC 1919, § 8918; SL 1921, ch 135; SL 1925, ch 102, § 2; SL 1927, ch 56; SL 1933, ch 56; SDC 1939, § 6.0210; SDCL, §§ 51-2-26, 51-2-27; SL 1969, ch 11, § 2.24; SL 1970, ch 265, § 13; SL 1983, ch 355; SL 1988, ch 377, § 49; SDCL, § 51-16-34.