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 § 51A-3-13

Title 51ABANKS AND BANKING

Ch. 51A-2ORGANIZATION, APPLICATIONS, AND CAPITAL STRUCTURE OF BANKING CORPORATIONS

This text of South Dakota § 51A-3-13 (Subscription of shares--Minimum collection--Refund on disapproval of application.) 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-3-13 (2026).

Text

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.