South Dakota § 51A-3-18 Dividends--Restrictions and requirements for declaration.

South Dakota Statutes

§ 51A-3-18 — Dividends--Restrictions and requirements for declaration.

South Dakota § 51A-3-18

Title 51ABANKS AND BANKING

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

This text of South Dakota § 51A-3-18 (Dividends--Restrictions and requirements for declaration.) 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-3-18 (2026).

Text

Dividends to stockholders may be declared from net profits by the board of directors of a bank not more than once in each calendar quarter provided that all provisions of this title relating to the maintenance of capital accounts have been complied with. The minutes of such a meeting shall reflect that a determination has been made that the reserve for loan and lease losses has been adequately funded, the amount carried to surplus, if any, the amount of dividend declared, the amount of net undivided profits, if any, remaining and the amount of total equity capital remaining.

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Dividends to stockholders may be declared from net profits by the board of directors of a bank not more than once in each calendar quarter provided that all provisions of this title relating to the maintenance of capital accounts have been complied with. The minutes of such a meeting shall reflect that a determination has been made that the reserve for loan and lease losses has been adequately funded, the amount carried to surplus, if any, the amount of dividend declared, the amount of net undivided profits, if any, remaining and the amount of total equity capital remaining.

Legislative History

SL 1891, ch 27, § 13; RCivC 1903, § 859; SL 1909, ch 222, art 2, §§ 11, 36; SL 1911, ch 255, §§ 14, 16; SL 1915, ch 102, art 2, §§ 13, 40; RC 1919, §§ 8959, 8988, 9044, 9046; SL 1927, ch 214, § 2; SDC 1939, § 6.0439; SL 1953, ch 14, § 1; SDCL, §§ 51-4-23, 51-4-26; SL 1969, ch 11, § 3.7; SL 1987, ch 358; SDCL, § 51-17-8; SL 1988, ch 377, § 60; SDCL, § 51-17-20.3.