South Dakota § 51A-3-16 Preferred stock, capital notes, and debentures--Director approval of issuance--Terms of issue--Director approval of retirement or payment.

South Dakota Statutes

§ 51A-3-16 — Preferred stock, capital notes, and debentures--Director approval of issuance--Terms of issue--Director approval of retirement or payment.

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

The director may approve the issuance of preferred stock, capital notes, debentures or other bank securities after approval of the majority of the stockholders. The terms of issue shall set forth the voting rights available thereon and the rank or priority, if any, of depositor or other creditor with reference to such issue in case of insolvency of the issuing bank. No such stock, notes, debentures or other bank securities may be issued prior to approval by the director. Before any such issue is retired or paid, the bank shall obtain the written approval of the director.

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The director may approve the issuance of preferred stock, capital notes, debentures or other bank securities after approval of the majority of the stockholders. The terms of issue shall set forth the voting rights available thereon and the rank or priority, if any, of depositor or other creditor with reference to such issue in case of insolvency of the issuing bank. No such stock, notes, debentures or other bank securities may be issued prior to approval by the director. Before any such issue is retired or paid, the bank shall obtain the written approval of the director.

South Dakota § 51A-3-16 (Preferred stock, capital notes, and debentures--Director approval of issuance--Terms of issue--Director approval of retirement or payment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

SL 1933 (SS), ch 1, § 4; SL 1935, ch 61, § 2; SDC 1939, § 6.0409; SL 1943, ch 16; SL 1955, ch 10; SDCL, §§ 51-4-7, 51-4-22; SL 1969, ch 11, § 3.6; SL 1981, ch 346, § 21; SDCL, § 51-17-6; SL 1988, ch 377, § 58; SDCL, § 51-17-20.1.