2006 South Dakota Code - 52-5-2 — Borrowing of money by domestic association.

     52-5-2.   Borrowing of money by domestic association. An incorporated association operating under the provisions of this title may borrow money and issue its obligations therefor in a total amount equal to one-fourth of its savings liability on the date of borrowing. When an association is a member of a federal home loan bank, it may borrow an amount equal to one-half of its total assets. Within such amount, an association may borrow from individual or corporate sources, other than the federal home loan bank, an aggregate amount not in excess of twenty percent of its total assets. A subsequent reduction of savings liability does not affect, in any way, outstanding obligations for borrowed money.

Source: SL 1967, ch 11, ch 6, § 2 (8); SL 1981, ch 347, § 25; SL 1982, ch 337, § 1.