South Dakota § 51A-3-6 Transfers to surplus.

South Dakota Statutes

§ 51A-3-6 — Transfers to surplus.

South Dakota § 51A-3-6

Title 51ABANKS AND BANKING

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

This text of South Dakota § 51A-3-6 (Transfers to surplus.) 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-3-6 (2026).

Text

One - tenth of the net profit for any dividend period shall be carried to the surplus fund until such fund shall amount to twenty percent of the capital stock or members' equity. Any losses sustained in excess of undivided profits may be charged to the surplus account, but no dividends shall thereafter be declared or paid until the surplus fund shall amount to twenty percent of the capital stock or members' equity.

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One - tenth of the net profit for any dividend period shall be carried to the surplus fund until such fund shall amount to twenty percent of the capital stock or members' equity. Any losses sustained in excess of undivided profits may be charged to the surplus account, but no dividends shall thereafter be declared or paid until the surplus fund shall amount to twenty percent of the capital stock or members' equity.

Legislative History

SL 1891, ch 27, § 13; RCivC 1903, § 859; SL 1909, ch 222, art 2, § 36; SL 1911, ch 255, § 14; SL 1915, ch 102, art 2, § 40; RC 1919, §§ 8988, 9044; SDC 1939, § 6.0439; SL 1953, ch 14, § 1; SDCL, § 51-4-23; SL 1969, ch 11, § 3.8; SDCL, §§ 51-17-5.1, 51-17-9; SL 2004, ch 289, § 9.