reglab/housing_qa huggingface dataset:
SD Codified L § 51A-2-34 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 02 - Division Of Banking|Section 51A-2-34 - Interest in bank by division officers or employees prohibited--Relinquishment of interest by director or deputy for term of office.

51A-2-34. Interest in bank by division officers or employees prohibited--Relinquishment of interest by director or deputy for term of office.No officer or employee of the division may be an officer, director, trustee, attorney, owner, shareholder or partner in any state bank, nor receive any payment or gratuity directly or indirectly from that organization, nor be indebted to any state bank, nor engage in negotiation of loans for others with any such bank.The director or the deputy director shall have a reasonable length of time after his appointment to sell or to relinquish any interest he owns in a state-chartered bank in this state by transferring that interest to a nonrelated trustee for the tenure of his office. Source: SL 1909, ch 222, art 1, §2; SL 1911, ch 256, §2; SL 1915, ch 102, art 1, §2; SL 1917, ch 140, §1; RC 1919, §8918; SL 1921, ch 135; SL 1925, ch 102, §2; SL 1927, ch 56; SL 1933, ch 56; SDC 1939, §6.0210; SDCL, §§51-2-26, 51-2-27; SL 1969, ch 11, §2.24; SL 1970, ch 265, §13; SL 1983, ch 355; SL 1988, ch 377, §49; SDCL, §51-16-34.
SD Codified L § 51A-2-35 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 02 - Division Of Banking|Section 51A-2-35 - Records of division open to public inspection--Exceptions--Court order.

51A-2-35. Records of division open to public inspection--Exceptions--Court order.The records of the division are open to public inspection. However:(1)The director may withhold from public inspection any record, including any correspondence, for so long as deemed necessary for the protection of a person or bank or to be in the public interest;(2)The director shall withhold from public inspection any record required to be confidential pursuant to federal statutes or rules or regulations of the board of governors of the federal reserve system or the Federal Deposit Insurance Corporation; and(3)Reports of examination shall remain the property of the division and shall be furnished to the bank for its confidential use. Under no circumstances may the report or any supporting documentation be disclosed to anyone, other than directors and officers of the bank or anyone who is acting in a fiduciary capacity for the bank, without written permission from the director.Any record of the division shall be made available upon order of a court of competent jurisdiction if cause is shown. Source: SL 1969, ch 11, §2.26; SL 1970, ch 265, §14; SDCL, §51-16-36; SL 1999, ch 234, §1.
SD Codified L § 51A-2-36 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 02 - Division Of Banking|Section 51A-2-36 - Examination and supervision fees.

51A-2-36. Examination and supervision fees.The division shall charge and collect a fee from all banks to cover the cost of examining and supervising banks based upon asset size and other factors as established by the commission. The commission shall set the fee and the other factors by rules promulgated pursuant to chapter 1-26. Source: SL 1989, ch 409; SDCL §51-16-37.1; SL 2008, ch 252, §10.
SD Codified L § 51A-2-37 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 02 - Division Of Banking|Section 51A-2-37 - Examinations of parent corporations by director--Penalty for refusal to allow examination.

51A-2-37. Examinations of parent corporations by director--Penalty for refusal to allow examination.If the director considers it necessary, the director may examine the books and records of a corporation that holds twenty-five percent or more of the stock of a bank. If any parent corporation of a state chartered bank refuses to give any information required in the course of an examination, that parent corporation is subject to a civil fine of one thousand dollars for each day that the refusal continues. Continued refusal may result in the taking and possession of such bank as provided in §51A-15-11. Source: SL 1969, ch 11, §2.28; SL 1970, ch 265, §15; SL 1980, ch 24, §84; SL 1981, ch 346, §18; SL 1983, ch 357; SL 1988, ch 377, §51; SDCL §51-16-38; SL 2008, ch 252, §11.
SD Codified L § 51A-3-1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-1 - Corporation laws applicable to banks.

51A-3-1. Corporation laws applicable to banks.All provisions of law applicable to corporations generally shall be applicable to banks, except where inconsistent with this title, in which case this title shall govern. Source: SL 1969, ch 11, §3.1; SDCL, §51-17-1.
SD Codified L § 51A-3-1.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-1.1 - Bank organized as limited liability company--Rules.

51A-3-1.1. Bank organized as limited liability company--Rules.A bank may be organized as a limited liability company. The commission shall promulgate rules pursuant to chapter 1-26, consistent with Title 51A, for the organization, management, extension of its charter , and general administration of a bank that is organized as a limited liability company. The rules shall facilitate the organization and capital structure, the offering of trust business and the ability to develop branch bank and drive-in facilities, the offering of remote service banking and bank services, the acceptance of deposits and the making of investments, the offering of safe deposit and safe keeping protocols, the making of loans, the reorganization of the limited liability company bank, and the operation of a bank organized as a limited liability company to operate on an equal and parity basis with a bank organized as a corporation. Source: SL 2004, ch 289, §2.
SD Codified L § 51A-3-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-2 - Articles of incorporation or articles of organization--Content--Name of bank--Capital stock or members' equity.

51A-3-2. Articles of incorporation or articles of organization--Content--Name of bank--Capital stock or members' equity.For a bank organized as a corporation, the articles of incorporation of a bank shall state, and for a bank organized as a limited liability company, the articles of organization of a bank shall state:(1)That the corporation or limited liability company is formed for the purpose of engaging in the business of banking, or as a bank and trust company, or as a bank and trust department;(2)The period for which such corporation or limited liability company is organized, not exceeding twenty years.The capital stock of a bank organized as a corporation shall be divided into shares of not less than ten nor more than one hundred dollars each. The members' equity of a bank organized as a limited liability company shall be divided into units of not less than ten nor more than one hundred dollars each.The name of a bank organized under this title shall be different from the name of any other bank or trust company in the county of its place of business. However, the name of the bank is not required to be different if the majority of the bank's outstanding stock is owned by a bank holding company that also owns a majority of the outstanding stock of another bank or trust company in the county of the bank's place of business and such other bank or trust company has given its prior written consent. Source: SDC 1939, §6.0301; SL 1941, ch 15; SL 1957, ch 10; SDCL §§51-3-1, 51-3-3, 51-3-4; SL 1969, ch 11, §3.2; SL 1970, ch 265, §16; SDCL §51-17-2; SL 1995, ch 268, §64; SL 2004, ch 289, §7; SL 2009, ch 250, §1.
SD Codified L § 51A-3-3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-3 - Incorporators of bank.

51A-3-3. Incorporators of bank.The incorporators shall be any number of natural persons, residents of this state, eighteen years of age or older, not less than five in number. Source: SL 1891, ch 27, §1; RCivC 1903, §847; SL 1909, ch 222, art 2, §1; SL 1911, ch 255, §1; SL 1915, ch 102, art 2, §2; SL 1917, ch 145, §1; RC 1919, §§8949, 9032; SL 1925, ch 95; SL 1927, ch 60; SDC 1939, §6.0302; SDCL, §51-3-2; SL 1969, ch 11, §3.3; SL 1988, ch 377, §55; SDCL, §51-17-3.
SD Codified L § 51A-3-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-4 - Minimum capital.

51A-3-4. Minimum capital.The total capital of each newly organized bank shall be in an amount as the director determines adequate provided that the total capital required be at least six percent of the total projected assets of the bank during its first three years of operation. Source: SL 1909, ch 222, art 2, §1; SL 1911, ch 255, §3; SL 1915, ch 102, art 2, §2; SL 1917, ch 145, §1; RC 1919, §§8949, 9034; SL 1925, ch 95; SL 1927, ch 60; SDC 1939, §6.0303; SL 1943, ch 15; SL 1959, ch 15; SDCL §§51-4-1, 51-4-2; SL 1969, ch 11, §3.4; SL 1981, ch 346, §20; SL 1982, ch 334, §3; SL 1988, ch 377, §56; SDCL §51-17-4; SL 2015, ch 239, §1.
SD Codified L § 51A-3-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-5 - Sale price of original stock issue or original issue of members' equity--Excess credited to surplus.

51A-3-5. Sale price of original stock issue or original issue of members' equity--Excess credited to surplus.For a bank organized as a corporation, the original issue of bank stock, and for a bank organized as a limited liability company, the original issue of members' equity, shall be sold at a price of not less than twenty percent in excess of its par value and paid for in full in lawful money of the United States. The excess over the par value shall be credited on the books of the bank to the surplus. Source: SL 1915, ch 102, art 2, §2; SL 1917, ch 145, §1; RC 1919, §8949; SL 1925, ch 95; SL 1927, ch 60; SDC 1939, §6.0305; SDCL, §51-4-4; SL 1969, ch 11, §3.5; SL 1970, ch 265, §17; SL 1988, ch 377, §57; SDCL, §51-17-5; SL 2004, ch 289, §8.
SD Codified L § 51A-3-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-6 - Transfers to surplus.

51A-3-6. Transfers to surplus.One-tenth of the net profit for any dividend period shall be carried to the surplus fund until such fund shall amount to twenty percent of the capital stock or members' equity. Any losses sustained in excess of undivided profits may be charged to the surplus account, but no dividends shall thereafter be declared or paid until the surplus fund shall amount to twenty percent of the capital stock or members' equity. Source: SL 1891, ch 27, §13; RCivC 1903, §859; SL 1909, ch 222, art 2, §36; SL 1911, ch 255, §14; SL 1915, ch 102, art 2, §40; RC 1919, §§8988, 9044; SDC 1939, §6.0439; SL 1953, ch 14, §1; SDCL, §51-4-23; SL 1969, ch 11, §3.8; SDCL, §§51-17-5.1, 51-17-9; SL 2004, ch 289, §9.
SD Codified L § 51A-3-7 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-7 - Applications--Fee.

51A-3-7. Applications--Fee.Any application filed pursuant to §51A-2-16 shall be delivered to the director and contain any information the director may require. The application shall be accompanied by an application fee in an amount set by the commission. In addition to the application fee, the applicant shall pay any costs associated with the public notice required in §51A-2-16. The director may assess an applicant for actual costs of processing the application if the actual costs exceed the application fee. Source: SDC 1939, §6.0304; SL 1963, ch 23; SDCL, §§51-3-5, 51-3-6; SL 1969, ch 11, §3.11; SL 1970, ch 265, §18; SL 1979, ch 323; SL 1981, ch 346, §22; SL 1988, ch 377, §62; SDCL, §51-17-12; SL 1991, ch 390, §1; SL 2020, ch 204, § 1.
SD Codified L § 51A-3-8 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-8 - Acceptance of application for charter.

51A-3-8. Acceptance of application for charter.The director shall notify the incorporators of his acceptance for filing of an application. If the application and accompanying documents required in §51A-3-7 do not conform to the requirements of this title, or the rules of the commission, the director shall return the application calling attention to the defects therein. However, if the director does not act within twenty days of his receipt thereof, the application is considered to have been accepted by him. Source: SL 1969, ch 11, §3.13; SL 1988, ch 377, §64; SDCL, §51-17-14.
SD Codified L § 51A-3-9 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-9 - Conditions to be considered in ruling on application.

51A-3-9. Conditions to be considered in ruling on application.In ruling upon any bank application required in §51A-2-16, the director or the commission, as the case may be, shall consider the following conditions:(1)The financial history and condition of the applicant;(2)The adequacy of the applicant's financial structure;(3)The future earning prospects of the applicant;(4)The general character and fitness of the management and ownership of the applicant;(5)The applicant's ability to serve the community as described in the application; and(6)Such other facts and circumstances as in the opinion of the director or commission may be relevant.In any hearing before the commission on an application, the director shall submit to the commission for its consideration pursuant to §51A-3-10 the director's findings with respect to the above conditions together with all other pertinent information in the director's possession. Source: SL 1909, ch 222, art 2, §7; SL 1915, ch 102, art 2, §9; RC 1919, §8955; SDC 1939, §6.0304; SL 1963, ch 23; SDCL §51-3-7; SL 1969, ch 11, §3.14; SL 1972, ch 253; SL 1981, ch 346, §23; SL 1988, ch 377, §65; SDCL §51-17-15; SL 2008, ch 252, §12.
SD Codified L § 51A-3-10 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-10 - Hearing on application.

51A-3-10. Hearing on application.Within ninety days following an applicant's request for hearing or the commission's order granting a motion to intervene and request for hearing filed in accordance with §51A-2-16, the commission shall conduct a hearing on the application. The commission shall consider the evidence presented at the hearing and the director's findings and other pertinent information submitted by the director in accordance with §51A-3-9. The commission shall, within forty-five days from the date of the hearing, prepare and file in appropriate written form, findings of fact and conclusions of law which shall become a permanent part of the record relating to the pending application. Source: SDCL §51-17-15 as added by SL 1972, ch 253; SL 1988, ch 377, §66; SDCL §51-17-15.1; SL 2008, ch 252, §13.
SD Codified L § 51A-3-12 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-12 - Endorsement and filing of approved articles--Notice of disapproval.

51A-3-12. Endorsement and filing of approved articles--Notice of disapproval.If the director approves a charter application, the director's approval shall be endorsed on the articles of incorporation or organization. The original shall be filed and recorded in the office of the secretary of state, and a certified copy shall be forthwith filed in the office of the director. The remaining copy shall be returned to the incorporators or organizers within twenty days of the action of the director. If the director disapproves an application, the director shall so notify the incorporators or organizers within twenty days of such disapproval, in writing, stating the reasons for such disapproval and shall return all copies of the articles of incorporation or organization to them. Source: SL 1909, ch 222, art 2, §7; SL 1915, ch 102, art 2, §9; RC 1919, §8955; SDC 1939, §6.0304; SL 1963, ch 23; SDCL §51-3-8; SL 1969, ch 11, §3.16; SL 1970, ch 265, §21; SDCL §51-17-18; SL 2008, ch 252, §15.
SD Codified L § 51A-3-13 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-13 - Subscription of shares--Minimum collection--Refund on disapproval of application.

51A-3-13. Subscription of shares--Minimum collection--Refund on disapproval of application.The incorporators shall collect an amount equal to not less than ten percent of the subscription price of each share of stock subscribed for at the time such subscriptions are issued. If the application is disapproved by the director or commission, that portion of the moneys so collected remaining after the payment of the expenses incidental to such application shall be proportionally refunded to the subscribers. Source: SL 1969, ch 11, §3.12; SL 1970, ch 265, §19; SDCL §51-17-13; SL 1988, ch 377, §63; SDCL §51-17-18.1; SL 2012, ch 252, §10.
SD Codified L § 51A-3-14 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-14 - Call by incorporators for full payment of subscriptions--Issuance of certificate of authority by director--Commencement of business within one year.

51A-3-14. Call by incorporators for full payment of subscriptions--Issuance of certificate of authority by director--Commencement of business within one year.The incorporators may call for the payment of subscriptions in full upon receipt of the notice that the articles of incorporation have been approved. The director shall issue a certificate of authority whenever it shall appear to him that the capital stock of such bank has been fully subscribed and paid in in money and such bank is lawfully entitled to commence business. No bank shall transact any business, except such as is incidental or necessarily preliminary to its organization, until such certificate of authority has been regularly issued by the director. Such certificate of authority shall be void if the bank named therein fails to commence business within one year from the date thereof. Source: SL 1909, ch 222, art 2, §§5, 7; SL 1911, ch 255, §§7, 9; SL 1915, ch 102, art 2, §§6, 9; RC 1919, §§8953, 8955, 9038, 9039; SDC 1939, §6.0306; SDCL, §§51-6-2, 51-6-4, 51-6-5; SL 1969, ch 11, §3.17; SDCL, §51-17-19.
SD Codified L § 51A-3-15 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-15 - Applications for branch banks and detached drive-in facilities--Applicable provisions.

51A-3-15. Applications for branch banks and detached drive-in facilities--Applicable provisions.The provisions of §§51A-3-7 to 51A-3-14, inclusive, insofar as they are by their terms applicable, govern applications for branch banks and detached drive-in facilities. Source: SL 1969, ch 11, §3.18; SL 1981, ch 346, §24; SL 1988, ch 377, §68; SDCL, §51-17-20.
SD Codified L § 51A-3-16 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-16 - Preferred stock, capital notes, and debentures--Director approval of issuance--Terms of issue--Director approval of retirement or payment.

51A-3-16. Preferred stock, capital notes, and debentures--Director approval of issuance--Terms of issue--Director approval of retirement or payment.The director may approve the issuance of preferred stock, capital notes, debentures or other bank securities after approval of the majority of the stockholders. The terms of issue shall set forth the voting rights available thereon and the rank or priority, if any, of depositor or other creditor with reference to such issue in case of insolvency of the issuing bank. No such stock, notes, debentures or other bank securities may be issued prior to approval by the director. Before any such issue is retired or paid, the bank shall obtain the written approval of the director. Source: SL 1933 (SS), ch 1, §4; SL 1935, ch 61, §2; SDC 1939, §6.0409; SL 1943, ch 16; SL 1955, ch 10; SDCL, §§51-4-7, 51-4-22; SL 1969, ch 11, §3.6; SL 1981, ch 346, §21; SDCL, §51-17-6; SL 1988, ch 377, §58; SDCL, §51-17-20.1.
SD Codified L § 51A-3-17 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-17 - Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends.

51A-3-17. Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends.No dividends may be declared or paid on the capital stock of any bank which has outstanding capital notes or debentures, or if preferred stock has been issued without prior written approval of the director unless:(1)In the case of an issue of capital notes or debentures, the surplus and undivided profits of such bank equal such issue, the retirement requirements and interest on the issue have been paid; or(2)In the case of an issue of preferred stock, all the terms of issue shall have been satisfied. Source: SL 1933 (SS), ch 1, §4; SL 1935, ch 61, §2; SDC 1939, §6.0409; SL 1943, ch 16; SL 1955, ch 10; SDCL, §§51-4-12, 51-4-24; SL 1969, ch 11, §3.6; SDCL, §51-17-7; SL 1988, ch 377, §59; SDCL, §51-17-20.2.
SD Codified L § 51A-3-17.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-17.1 - Dividends--Definition.

51A-3-17.1. Dividends--Definition.For the purposes of this chapter, dividends are any distribution of funds made by the bank to a shareholder from current or accumulated earnings except for fees or salaries. Source: SL 1998, ch 279, §1.
SD Codified L § 51A-3-18 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations|Section 51A-3-18 - Dividends--Restrictions and requirements for declaration.

51A-3-18. Dividends--Restrictions and requirements for declaration.Dividends to stockholders may be declared from net profits by the board of directors of a bank not more than once in each calendar quarter provided that all provisions of this title relating to the maintenance of capital accounts have been complied with. The minutes of such a meeting shall reflect that a determination has been made that the reserve for loan and lease losses has been adequately funded, the amount carried to surplus, if any, the amount of dividend declared, the amount of net undivided profits, if any, remaining and the amount of total equity capital remaining. Source: SL 1891, ch 27, §13; RCivC 1903, §859; SL 1909, ch 222, art 2, §§11, 36; SL 1911, ch 255, §§14, 16; SL 1915, ch 102, art 2, §§13, 40; RC 1919, §§8959, 8988, 9044, 9046; SL 1927, ch 214, §2; SDC 1939, §6.0439; SL 1953, ch 14, §1; SDCL, §§51-4-23, 51-4-26; SL 1969, ch 11, §3.7; SL 1987, ch 358; SDCL, §51-17-8; SL 1988, ch 377, §60; SDCL, §51-17-20.3.