S.D. Codified Laws § 51A-12-6

Current through the 2024 Legislative Session

Section 51A-12-6 - Maximum amount of loans by bank to its executive officers, directors, and certain shareholders

The maximum amount of loans by a bank to its executive officers, its directors, and its shareholders who individually own more than ten percent of the capital stock of the bank or its parent bank holding company, shall be set by rules promulgated by the commission pursuant to chapter 1-26. The commission rule may not be more restrictive than restrictions imposed by that bank's primary federal regulator.

Loans to any partnership or corporation in which such officers, directors, and shareholders own an aggregate interest of twenty percent or more shall be included as a loan to the officers, directors, and shareholders.

SDCL 51A-12-6

SDC 1939, § 6.0429; SDCL, § 51-11-12; SL 1969, ch 11, § 10.5; SL 1979, ch 321, § 2; SL 1981, ch 346, § 53; SL 1988, ch 377, § 147; SDCL, § 51-24-8; SL 1994, ch 365, § 1.