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§ 13-63-7 Conditions applicable to nonrenewed contracts.

SD Codified L § 13-63-7 (2019) (N/A)
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13-63-7. Conditions applicable to nonrenewed contracts. If a contract executed between the council and a financial institution pursuant to this chapter is not renewed, all of the following conditions apply at the end of the term of the nonrenewed contract:

(1) Accounts previously established and held in investment instruments at the financial institution may not be terminated;

(2) Additional contributions may be made to the accounts; and

(3) No new accounts may be placed with that financial institution.Source: SL 2001, ch 97, § 7.

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