reglab/housing_qa huggingface dataset:
SD Codified L § 51A-3-19 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-19 - Approval of director required for unusually large dividends.

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.
SD Codified L § 51A-3-20 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-20 - Recovery of dividends paid when capital impaired.

51A-3-20. Recovery of dividends paid when capital impaired.Dividends paid to any stockholder of a bank, which shall in any way impair or diminish the capital, may be recovered from any stockholder receiving the same unless the capital impairment be subsequently made good. The directors of any bank, who pay a dividend when the bank is insolvent or in danger of insolvency, or when there are not sufficient net profits available, or when the bank is subject to an order pursuant to §51A-2-26 prohibiting the payment of dividends, shall be jointly and severally liable to the creditors of the bank in existence at that time in double the amount of such dividend. Source: SL 1909, ch 222, art 2, §37; SL 1915, ch 102, art 2, §41; RC 1919, §8989; SDC 1939, §6.0440; SDCL, §§51-4-25, 51-4-27; SL 1969, ch 11, §3.9; SDCL, §51-17-10; SL 1988, ch 377, §61; SDCL, §51-17-20.5.
SD Codified L § 51A-3-21 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-21 - Net profits defined.

51A-3-21. Net profits defined.Net profits shall be equal to the net income or loss as reported by a bank in its reports of condition and income. In computing its net profits under this section, a bank may not add its provision for loan and lease losses to, nor deduct net charge offs from, its reported net income. Source: SDCL, §51-15-1(9); SL 1988, ch 377, §1; SDCL, §51-17-20.6; SL 1991, ch 390, §3.
SD Codified L § 51A-3-22 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-22 - Amendment of articles of incorporation--Changes requiring approval of director--Filing of amendments.

51A-3-22. Amendment of articles of incorporation--Changes requiring approval of director--Filing of amendments.A bank may amend its articles of incorporation in the manner provided under §§47-1A-101 to 47-1A-863.3, inclusive, §§47-1A-1001 to 47-1A-1021, inclusive, and §§47-1A-1201 to 47-1A-1202.6, inclusive, upon amendment certified by its president, except that prior approval of the director shall be required for a bank to: change its name or location; acquire or abandon trust powers; change the number or par value of its shares of stock; change the amount of capital; or, extend its corporate existence. Such approval must be based upon a finding that the security of existing creditors will not be impaired by the proposed action. All such amendments shall be filed in the same manner as provided for original articles of incorporation. Source: SL 1909, ch 222, art 2, §15; SL 1915, ch 102, art 2, §17; RC 1919, §8963; SDC 1939, §6.0307; SDCL, §§51-3-9, 51-4-6; SL 1969, ch 11, §3.19; SDCL, §51-17-21; SL 2005, ch 202, §20.
SD Codified L § 51A-3-23 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-23 - Extension of charter.

51A-3-23. Extension of charter.Within one year prior to the expiration of the period for which it was incorporated a bank may, with the approval of at least a majority of the capital stock of such corporation, extend its corporate existence for an additional period, not to exceed twenty years, by amending its articles of incorporation as provided in §51A-3-22. Source: SL 1903, ch 80, §§1 to 3; RC 1919, §8964; SDC 1939, §6.0308; SL 1941, ch 16; SDCL, §51-3-10; SL 1969, ch 11, §3.20; SL 1972, ch 254; SL 1980, ch 332, §1; SDCL, §51-17-22.
SD Codified L § 51A-3-24 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-24 - Reporting transfers of stock.

51A-3-24. Reporting transfers of stock.All transfers of shares of bank stock in excess of five percent of the voting stock of a bank or of its parent holding company shall be immediately reported to the director. The transfer of such shares is not valid against a bank until recorded in the transfer books, but none may be recorded while the bank is subject to an order of the director to make good an impairment of capital. Any transfer shall be reported to the director if, after the transfer, the acquiring shareholder owns, directly or indirectly, twenty-five percent or more of the common stock of a bank or bank holding company unless notice of such fact had previously been reported to the director. Source: SL 1909, ch 222, art 2, §43; SL 1911, ch 255, §22; SL 1915, ch 102, art 2, §47; RC 1919, §§8995, 9052; SDC 1939, §6.0310; SDCL, §51-4-16; SL 1969, ch 11, §3.21; SL 1981, ch 346, §25; SL 1988, ch 377, §69; SDCL, §51-17-23.
SD Codified L § 51A-3-25 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-25 - Change in control of bank.

51A-3-25. Change in control of bank.For the purposes of application approval under §51A-2-16, a change of control created by the acquisition of shares in satisfaction of a debt previously contracted in good faith or through testate or intestate succession, bona fide gift, or trust distribution does not require an application for change in control. The acquirer shall advise the director within thirty days after the acquisition and provide such information as the director may request.For the purposes of this section, the term, control, means the power, directly or indirectly, to direct the management or policies of a bank or to vote twenty-five percent or more of any class of voting securities of a bank. Source: SL 1988, ch 371, §70; SL 1989, ch 411, §1; SDCL §51-17-23.1; SL 1991, ch 390, §4; SL 2008, ch 252, §16; SL 2012, ch 252, §11.
SD Codified L § 51A-3-26 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-26 - Lien on shares--Enforcement--Marking of certificates.

51A-3-26. Lien on shares--Enforcement--Marking of certificates.Any bank has a lien upon the shares of any stockholder of the bank or any stockholder of the parent bank holding company who is indebted to it, and for such purpose, in addition to stock duly recorded, the bank may enforce its lien against stock actually owned by the debtor but not recorded on the transfer books. All certificates for such stock shall have printed or stamped thereon the words: "Subject to lien for any indebtedness of holder to bank," and such lien is not enforceable against a purchaser in good faith unless such words are printed or stamped on such certificate. Source: SL 1909, ch 222, art 2, §43; SL 1911, ch 255, §22; SL 1915, ch 102, art 2, §47; RC 1919, §§8995, 9052; SDC 1939, §6.0310; SDCL, §§51-4-17, 51-4-20; SL 1969, ch 11, §3.22; SL 1970, ch 265, §22; SL 1988, ch 377, §71; SDCL, §51-17-24.
SD Codified L § 51A-3-27 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-27 - Purchase or purchase money loans on security of own stock prohibited--Exception.

51A-3-27. Purchase or purchase money loans on security of own stock prohibited--Exception.No bank may make any purchase money loans or discounts on the security of the shares of its own capital stock, or on the shares of its parent holding company, nor be the purchaser or holder of any such shares unless such security or purchase is necessary to prevent loss upon a debt previously contracted in good faith. Stock so purchased or acquired shall, within six months of the time of its purchase, be sold or disposed of at public or private sale, and if not disposed of within that time, may no longer be included in the assets of such bank. However, a bank may purchase for fair value fractional shares of a bank's common stock from the holders thereof pursuant to the provisions set forth in Title 47 for the purpose of canceling the fractional shares if the bank meets all capital requirements after cancellation of the fractional shares. Source: SDC 1939, §6.0430; SL 1964, ch 12; SDCL, §51-11-16; SL 1969, ch 11, §4.15; SDCL, §51-18-16; SL 1988, ch 377, §92; SDCL, §51-17-24.1; SL 1997, ch 270, §1.
SD Codified L § 51A-3-28 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-28 - Credit of dividends, interest, or profits on indebtedness--Foreclosure of lien.

51A-3-28. Credit of dividends, interest, or profits on indebtedness--Foreclosure of lien.While any indebtedness under §51A-3-26 exists, all dividends, interest, or profits on such stock, if any, shall be credited by the bank on such indebtedness in the event the bank has exercised its rights to acquire or purchase the stock. The lien hereby created in favor of the bank may be foreclosed by such bank in the manner provided by law for the foreclosure of liens. Source: SL 1909, ch 222, art 2, §43; SL 1911, ch 255, §22; SL 1915, ch 102, art 2, §47; RC 1919, §§8995, 9052; SDC 1939, §6.0310; SDCL, §§51-4-18, 51-4-19; SL 1969, ch 11, §3.22; SL 1970, ch 265, §23; SL 1988, ch 377, §72; SDCL, §51-17-25.
SD Codified L § 51A-3-30 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-30 - Adoption and approval of bylaws.

51A-3-30. Adoption and approval of bylaws.Every bank shall adopt a code of bylaws before being authorized to commence business. Bylaws, as well as all amendments or additions thereto, so adopted shall be effective only after they have been approved by the director. After their adoption and approval they shall be spread at length upon the minute book of the bank and be subject to such rights of inspection as exist for other corporate books and records. Source: SL 1909, ch 222, art 2, §12; SL 1915, ch 102, art 2, §14; RC 1919, §8960; SDC 1939, §6.0313; SDCL, §51-3-12; SL 1969, ch 11, §3.24; SDCL, §51-17-27.
SD Codified L § 51A-3-31 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-31 - Indemnification of officers, directors, or employees.

51A-3-31. Indemnification of officers, directors, or employees.A bank may indemnify by purchase of insurance or otherwise any current or former officer, director, employee or agent, his heirs, personal representatives and successors in interest in the same manner and to the same extent as a business corporation may indemnify, pursuant to the provisions of §§47-1A-101 to 47-1A-863.3, inclusive, 47-1A-1001 to 47-1A-1021, inclusive, and §§47-1A-1201 to 47-1A-1202.6, inclusive. Source: SL 1969, ch 11, §3.25; SL 1970, ch 265, §24; SL 1988, ch 377, §74; SDCL §51-17-28; SL 2005, ch 202, §21.
SD Codified L § 51A-3-32 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-32 - Board of directors--Number of members--Citizenship requirements--Election.

51A-3-32. Board of directors--Number of members--Citizenship requirements--Election.The board of directors of every bank shall consist of not less than five nor more than twenty-five members. At all times, at least three-fourths of the directors shall be citizens of the United States. With the exception of the president or the chief executive officer, the directors shall be elected by the shareholders. Source: SDC 1939, §6.0315; SDCL, §51-3-13; SL 1969, ch 11, §3.26; SL 1970, ch 265, §25; SL 1981, ch 346, §26; SL 1983, ch 14, §22; SL 1988, ch 377, §75; SDCL, §51-17-29; SL 1996, ch 279, §1.
SD Codified L § 51A-3-33 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-33 - Removal of directors--Vote required.

51A-3-33. Removal of directors--Vote required.Any director may be removed by the stockholders at any regular or special meeting, except that no director may be removed unless the votes cast against a motion for his removal are less than the total number of shares outstanding, divided by the number of authorized directors, but all of the directors may be removed if a majority of the outstanding shares approves a motion for the removal of all. Source: SL 1969, ch 11, §3.26; SDCL, §51-17-30.
SD Codified L § 51A-3-34 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-34 - Board of directors--Meetings.

51A-3-34. Board of directors--Meetings.The board of directors shall hold regular meetings at times prescribed in the bylaws of the bank. At no time may the bylaws provide for fewer meetings than the minimum number permitted by rule promulgated by the commission pursuant to chapter 1-26. Any director of the bank or the director of the Division of Banking may call a special meeting. The board of directors or an executive committee of not less than one-third of the board shall review at least quarterly the transactions occurring since the last review. Source: SL 1909, ch 222, art 2, §10; SL 1911, ch 255, §15; SL 1915, ch 102, §1, art 2, §12; RC 1919, §§8958, 9045; SL 1925, ch 102, §1; SL 1927, ch 214, §1; SDC 1939, §6.0316; SL 1953, ch 14, §2; SDCL, §51-3-16; SL 1969, ch 11, §3.27; SL 1988, ch 377, §76; SL 1989, ch 412; SDCL, §51-17-32; SL 2020, ch 204, § 2.
SD Codified L § 51A-3-35 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-35 - Election of officers--Terms--Vacancies.

51A-3-35. Election of officers--Terms--Vacancies.The officers of every bank shall be elected by the board of directors at the board meeting held in January of each year. The president or chief executive officer shall be appointed by the elected board members to the board of directors. The officers shall hold office for one year and until their successors are elected and qualified, subject to removal by the board at any time. Vacancies may be filled by appointment of successors by the board of directors at any regular or special meeting, to hold office until the next regular election and until successors qualify. Source: SDC 1939, §6.0317; SL 1963, ch 24; SDCL, §51-3-18; SL 1969, ch 11, §3.28; SL 1988, ch 377, §77; SDCL, §51-17-34; SL 1996, ch 279, §2.
SD Codified L § 51A-3-36 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-36 - Names of officers and information forwarded to director--Vacancy on refusal to confirm.

51A-3-36. Names of officers and information forwarded to director--Vacancy on refusal to confirm.Within ten days after the election or appointment of any officer, the board of directors shall cause to be forwarded to the director the name or names of such officer or officers together with such other information as may be required by the commission. If the director shall refuse to confirm the election or appointment of any such officer, such office shall immediately become vacant. Source: SL 1933, ch 47, §5, subdiv 9; SDC 1939, §6.0317; SL 1963, ch 24; SDCL, §51-3-19; SL 1969, ch 11, §3.28; SL 1970, ch 265, §26; SDCL, §51-17-35.
SD Codified L § 51A-3-37 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-37 - Bonds of officers and employees.

51A-3-37. Bonds of officers and employees.The directors of a bank shall direct and require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salaries or compensation, which bonds shall provide for indemnity to such bank on account of any losses sustained by it as a result of any dishonest, fraudulent, or criminal act or omission committed or omitted by them acting independently or in collusion or combination with any person or persons. Such bonds may be in individual, schedule, or blanket bond form, and the premiums therefor may be paid by the bank. Source: SL 1909, ch 222, art 2, §9; SL 1915, ch 102, art 2, §11; RC 1919, §8957; SL 1925, ch 96; SL 1933 (SS), ch 4; SL 1935, ch 58; SDC 1939, §6.0318; SDCL, §51-3-20; SL 1969, ch 11, §3.29; SDCL, §51-17-36.
SD Codified L § 51A-3-38 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-38 - Insurance protection.

51A-3-38. Insurance protection.The directors of a bank shall also direct and require suitable insurance protection to the bank against robbery, burglary, theft and other insurable hazards to which the bank may be exposed in the operation of its business on the premises or elsewhere. Source: SL 1969, ch 11, §3.29; SDCL, §51-17-37.
SD Codified L § 51A-3-39 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-39 - Amount of bonds and insurance prescribed by bank directors--Approval by director of division.

51A-3-39. Amount of bonds and insurance prescribed by bank directors--Approval by director of division.The directors of a bank shall be responsible for prescribing at least once in each year the amount or penal sum of such bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting such risk or hazard. Such action shall be recorded in the minutes of the board of directors and thereafter be reported to the director and be subject to his approval. Source: SL 1969, ch 11, §3.29; SDCL, §51-17-38.
SD Codified L § 51A-4-1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-1 - Miscellaneous banking powers.

51A-4-1. Miscellaneous banking powers.In addition to powers otherwise conferred by the laws of this state, a bank may exercise all such powers as are usual in carrying on the business of banking, including, the buying, discounting, and negotiating promissory notes, bonds, drafts, bills of exchange, foreign and domestic, and other evidences of debt; by receiving commercial and saving deposits under such rules as the commission may establish; by buying and selling coin and bullion, and by buying and selling exchange, foreign and domestic; issuing letters of credit, by loaning money on personal and real security, and by renting receptacles for safekeeping on its premises. Source: SL 1891, ch 27, §4; RCivC 1903, §850; SL 1909, ch 222, art 2, §4; SL 1911, ch 255, §6; SL 1915, ch 102, art 2, §5; RC 1919, §§8952, 9037; SDC 1939, §6.0401 (4), (5); SDCL, §§51-6-7, 51-6-11; SL 1969, ch 11, §4.1; SL 1988, ch 377, §79; SDCL, §51-18-1.
SD Codified L § 51A-4-1.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-1.1 - Banking with industrial hemp or marijuana licensees and associated persons authorized.

51A-4-1.1. Banking with industrial hemp or marijuana licensees and associated persons authorized. A bank may, directly or through subsidiaries, carry on the business of banking, pursuant to § 51A-4-1, with any person licensed in this state to engage in the business of industrial hemp or marijuana, or with any person engaging in legal business dealings with such licensee. Source: SL 2021, ch 202, § 1.
SD Codified L § 51A-4-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-2 - Purchase and sale of securities on order of customer--Contract with securities brokerage services allowed.

51A-4-2. Purchase and sale of securities on order of customer--Contract with securities brokerage services allowed.A bank may, directly or through subsidiaries, purchase or sell without recourse any security upon the order of a customer for his account. The terms of this section shall be construed to permit banks to contract with securities brokerage services. Source: SL 1969, ch 11, §4.7; SDCL, §51-18-7; SL 1988, ch 377, §87; SDCL, §51-18-1.1.
SD Codified L § 51A-4-3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-3 - Operation of travel agency.

51A-4-3. Operation of travel agency.A bank may operate a travel agency on its banking premises with the approval of the director. Source: SL 1969, ch 11, §4.19; SL 1970, ch 265, §32; SDCL, §§51-18-1.2, 51-18-20.
SD Codified L § 51A-4-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-4 - Insurance business authorized.

51A-4-4. Insurance business authorized.A bank is expressly empowered, directly or through subsidiaries, to engage in all facets of the insurance business. Source: SL 1983, ch 356, §5; SDCL, §§51-18-1.3, 51-18-30.
SD Codified L § 51A-4-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-5 - Certificate of authority required to engage in banking business--Misdemeanor.

51A-4-5. Certificate of authority required to engage in banking business--Misdemeanor.No person, partnership or corporation may advertise, publish or otherwise represent that he is engaged in the business of banking without having first obtained a certificate of authority from the director, as provided in this title. A violation of this section is a Class 1 misdemeanor. Source: SL 1909, ch 222, art 2, §47; SL 1915, ch 102, art 2, §51; RC 1919, §9000; SDC 1939, §§6.0403, 6.9905; SDCL, §51-6-1; SL 1969, ch 11, §4.2; SL 1980, ch 24, §85; SL 1988, ch 377, §80; SDCL, §51-18-2.
SD Codified L § 51A-4-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-6 - Order to cease and desist for violation--Right to appeal.

51A-4-6. Order to cease and desist for violation--Right to appeal.The director may, after determining that any person, partnership or corporation is in violation of §51A-4-5, issue an order to cease and desist from all activities determined to be the business of banking. Any right to appeal such an order is subject to the provisions of chapter 1-26 governing contested cases. Source: SL 1988, ch 377, §81; SDCL, §51-18-2.1.