S.D. Admin. R. 68:02:02:28
Current through Register Vol. 51, page 56, November 4, 2024
The borrower shall provide the board with written notice within 10 business days of any change in top level management of the borrower's business or of any plan for sale, public offering, or lease of the business. Any sale, public offering, or lease of the business requires the prior written approval of the board. If the notification and prior approval requirements of this section are not satisfied, the board may declare the loan immediately due and payable.
S.D. Admin. R. 68:02:02:28
General Authority: SDCL 1-16G-5, 1-16G-8(5).
Law Implemented: SDCL 1-16G-5, 1-16G-8(5), 1-16G-25 to 1-16G-27, inclusive.