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2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 06A - Creation Of Trust Companies
§ 51A-6A-24 Issuance of preferred stock.
Universal Citation: SD Codified L § 51A-6A-24 (2017)
51A-6A-24. Issuance of preferred stock. Any trust company in corporate form may issue preferred stock of one or more classes in such amounts as are approved by the director. The holders of two-thirds of the common stock of the trust company shall approve the issuance at a meeting held for that purpose. Notice shall be given by registered mail to each stockholder at least five days before the date of the meeting. No issue of preferred stock is valid until the par value of all stock so issued is paid in. No preferred stock may be retired unless the common stock is increased in an amount equal to the amount of the preferred stock retired.
Source: SL 1995, ch 268, § 22; SL 2012, ch 252, § 18.
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