South Dakota § 51A-3-24 Reporting transfers of stock.

South Dakota Statutes

§ 51A-3-24 — Reporting transfers of stock.

South Dakota § 51A-3-24

Title 51ABANKS AND BANKING

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

This text of South Dakota § 51A-3-24 (Reporting transfers of stock.) 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-3-24 (2026).

Text

All transfers of shares of bank stock in excess of five percent of the voting stock of a bank or of its parent holding company shall be immediately reported to the director. The transfer of such shares is not valid against a bank until recorded in the transfer books, but none may be recorded while the bank is subject to an order of the director to make good an impairment of capital. Any transfer shall be reported to the director if, after the transfer, the acquiring shareholder owns, directly or indirectly, twenty - five percent or more of the common stock of a bank or bank holding company unless notice of such fact had previously been reported to the director.

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All transfers of shares of bank stock in excess of five percent of the voting stock of a bank or of its parent holding company shall be immediately reported to the director. The transfer of such shares is not valid against a bank until recorded in the transfer books, but none may be recorded while the bank is subject to an order of the director to make good an impairment of capital. Any transfer shall be reported to the director if, after the transfer, the acquiring shareholder owns, directly or indirectly, twenty - five percent or more of the common stock of a bank or bank holding company unless notice of such fact had previously been reported to the director.

Legislative History

SL 1909, ch 222, art 2, § 43; SL 1911, ch 255, § 22; SL 1915, ch 102, art 2, § 47; RC 1919, §§ 8995, 9052; SDC 1939, § 6.0310; SDCL, § 51-4-16; SL 1969, ch 11, § 3.21; SL 1981, ch 346, § 25; SL 1988, ch 377, § 69; SDCL, § 51-17-23.