South Dakota § 51A-3-5 Sale price of original stock issue or original issue of members' equity--Excess credited to surplus.

South Dakota Statutes

§ 51A-3-5 — Sale price of original stock issue or original issue of members' equity--Excess credited to surplus.

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

For a bank organized as a corporation, the original issue of bank stock, and for a bank organized as a limited liability company, the original issue of members' equity, shall be sold at a price of not less than twenty percent in excess of its par value and paid for in full in lawful money of the United States. The excess over the par value shall be credited on the books of the bank to the surplus.

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For a bank organized as a corporation, the original issue of bank stock, and for a bank organized as a limited liability company, the original issue of members' equity, shall be sold at a price of not less than twenty percent in excess of its par value and paid for in full in lawful money of the United States. The excess over the par value shall be credited on the books of the bank to the surplus.

South Dakota § 51A-3-5 (Sale price of original stock issue or original issue of members' equity--Excess credited to surplus.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

SL 1915, ch 102, art 2, § 2; SL 1917, ch 145, § 1; RC 1919, § 8949; SL 1925, ch 95; SL 1927, ch 60; SDC 1939, § 6.0305; SDCL, § 51-4-4; SL 1969, ch 11, § 3.5; SL 1970, ch 265, § 17; SL 1988, ch 377, § 57; SDCL, § 51-17-5; SL 2004, ch 289, § 8.