There is a newer version
of
this Section
2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations
§ 51A-3-19 Approval of director required for unusually large dividends.
Universal Citation: SD Codified L § 51A-3-19 (2017)
51A-3-19. Approval of director required for unusually large dividends. The approval of the director is required before a dividend is declared if the total of all dividends, including the proposed dividend, declared by the directors of a bank in any calendar year exceeds the total of its net profits of that year to date combined with its retained net profits of the preceding two years, less any required transfers to surplus or a fund for the retirement of any preferred stock.
Source: SL 1969, ch 11, § 3.10; SDCL, §§ 51-17-11, 51-17-20.4; SL 1991, ch 390, § 2.
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
