LegalFix
Sign In

§ 51A-3-1.1 Bank organized as limited liability company--Rules.

SD Codified L § 51A-3-1.1 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

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.

Previous Section
§ 51A-3-1 Corporation laws applicable to banks.
Next Section
§ 51A-3-2 Articles of incorporation or articles of organization--Content--Name of bank--Capital stock or members' equity.