S.D. Codified Laws § 51A-2-33

Current through the 2024 Legislative Session

Section 51A-2-33 - Secrecy oath of commissioners, director and division officers and employees-Exceptions to secrecy requirements

Before entering upon the discharge of his duties, each member of the commission, the director, and all officers and employees of the division shall take an oath to keep secret all facts and information obtained in the discharge of his official duties, except:

(1) As the public duty of such officer or appointee requires him to report upon or take special action regarding the affairs of any bank;

(2) Information with reference to a suspended bank which may be made public if, in the discretion of the director, it is to the best interests of the creditors thereof;

(3) If called as a witness in a court or before any committee of either house of the Legislature;

(4) The director or any of his appointees may disclose to the federal reserve board, the Federal Deposit Insurance Corporation, or the office of the comptroller of the currency, or the examiners appointed by them, all information with reference to the affairs of any state bank which is insured by the Federal Deposit Insurance Corporation, and to this end, the director, the federal reserve board, the Federal Deposit Insurance Corporation, and the office of the comptroller of the currency may exchange reports of examinations made by them;

(5) The director may disclose reports of examinations to other state banking agencies on a reciprocal basis. Five days prior to the release of such reports, the director shall inform the chief executive officer and board of directors of the bank whose report is being released of the director's intention to make the release and of the name of the agency to which the report will be released.

A violation of the oath is a Class 2 misdemeanor.

SDCL 51A-2-33

SL 1909, ch 222, art 1, § 7; SL 1911, ch 256, § 7; SL 1915, ch 102, art 1, § 7; SL 1917, ch 140, § 3; RC 1919, § 8923; SL 1919, ch 120; SL 1931, ch 89; SL 1935, ch 55; SDC 1939, § 6.0203; SDCL, § 51-2-12; SL 1969, ch 11, § 2.23; SL 1980, ch 24, § 83; SL 1981, ch 346, § 17; SL 1988, ch 377, § 48; SDCL, § 51-16-33.