Statutes, codes, and regulations
South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 15 - SUSPENSION AND LIQUIDATION OF BANKS
Section 51A-15-2 - Ceasing to do business and winding up affairs on voluntary liquidation

S.D. Codified Laws § 51A-15-2

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Current through the 2024 Legislative Session
Section 51A-15-2 - Ceasing to do business and winding up affairs on voluntary liquidation

Upon approval by the commission, pursuant to § 51A-15-1, a bank shall forthwith cease to do business, shall have only the powers necessary to effect an orderly liquidation and shall proceed to pay its depositors and creditors and to wind up its affairs.

SDCL 51A-15-2

SL 1969, ch 11, § 13.2; SDCL, § 51-27-2.