S.D. Admin. R. 20:07:10:06

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:07:10:06 - Minimum capital requirement for a new bank

The minimum total capital that will be approved for a newly organized bank is $600,000. The commission may require additional capital if the commission projects that the total capital will not equal or exceed eight percent of the total assets of the bank at the end of three years of operation.

S.D. Admin. R. 20:07:10:06

8 SDR 31, effective 9/30/1981; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 51A-2-13.

Law Implemented: SDCL 51A-3-4.