S.D. Admin. R. 20:07:15:01

Current through Register Vol. 50, page 162, June 24, 2024

Section 20:07:15:01 - Emergency charters

The banking commission may, without further notice or hearing, grant a charter or branch authorization under the following circumstances:

(1) Pursuant to SDCL 51A-15-18, the director has appointed the federal deposit insurance corporation as receiver for a bank of which the director has taken possession;

(2) The federal deposit insurance corporation sells the bank to another bank that purchases the assets and assumes the liabilities of the failed bank; and

(3) A charter or branch authorization is necessary for the assuming bank because of the purchase and assumption.

S.D. Admin. R. 20:07:15:01

11 SDR 46, effective 10/9/1984; 12 SDR 151, 12 SDR 155, effective 7/1/1986; 15 SDR 28, effective 8/21/1988.

General Authority: SDCL 51A-2-13.

Law Implemented: SDCL 51A-2-13, 51A-14-6, 51A-15-18, 51A-15-19.