2015 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 15 - Suspension And Liquidation Of Banks
§ 51A-15-21 Director's authority to take action in emergency without majority consent of commission.
51A-15-21. Director's authority to take action in emergency without majority consent of commission.
If, in the opinion of the director, an emergency exists which will result in serious losses to the depositors and creditors, he may suspend all activities and take possession of a bank without the consent of a majority of the members of the commission.
Source: SL 1969, ch 11, § 13.7 (1); SL 1982, ch 336, § 3; SL 1988, ch 377, § 168; SDCL, § 51-27-14.
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