South Dakota § 51A-3-13 Subscription of shares--Minimum collection--Refund on disapproval of application.

South Dakota Statutes

§ 51A-3-13 — Subscription of shares--Minimum collection--Refund on disapproval of application.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-2 ORGANIZATION, APPLICATIONS, AND CAPITAL STRUCTURE OF BANKING CORPORATIONS

The incorporators shall collect an amount equal to not less than ten percent of the subscription price of each share of stock subscribed for at the time such subscriptions are issued. If the application is disapproved by the director or commission, that portion of the moneys so collected remaining after the payment of the expenses incidental to such application shall be proportionally refunded to the subscribers.

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The incorporators shall collect an amount equal to not less than ten percent of the subscription price of each share of stock subscribed for at the time such subscriptions are issued. If the application is disapproved by the director or commission, that portion of the moneys so collected remaining after the payment of the expenses incidental to such application shall be proportionally refunded to the subscribers.

South Dakota § 51A-3-13 (Subscription of shares--Minimum collection--Refund on disapproval of application.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.