S.D. Admin. R. 20:07:16:01

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

Section 20:07:16:01 - Bank subsidiary defined

A bank subsidiary of a state-chartered bank is any company 25 percent or more of whose voting shares is directly or indirectly owned or controlled by the bank or is held by it with power to vote. Shares not beneficially owned by the bank but held of record by a bank trust department are not considered owned or controlled by the bank.

S.D. Admin. R. 20:07:16:01

12 SDR 106, effective 1/1/1986; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 51A-2-13 to 51A-2-15.

Law Implemented: SDCL 51A-4-1.