S.D. Codified Laws § 51A-2-34

Current through the 2024 Legislative Session

Section 51A-2-34 - Interest in bank by division officers or employees prohibited-Relinquishment of interest by director or deputy for term of office

No officer or employee of the division may be an officer, director, trustee, attorney, owner, shareholder or partner in any state bank, nor receive any payment or gratuity directly or indirectly from that organization, nor be indebted to any state bank, nor engage in negotiation of loans for others with any such bank.

The director or the deputy director shall have a reasonable length of time after his appointment to sell or to relinquish any interest he owns in a state-chartered bank in this state by transferring that interest to a nonrelated trustee for the tenure of his office.

SDCL 51A-2-34

SL 1909, ch 222, art 1, § 2; SL 1911, ch 256, § 2; SL 1915, ch 102, art 1, § 2; SL 1917, ch 140, § 1; RC 1919, § 8918; SL 1921, ch 135; SL 1925, ch 102, § 2; SL 1927, ch 56; SL 1933, ch 56; SDC 1939, § 6.0210; SDCL, §§ 51-2-26, 51-2-27; SL 1969, ch 11, § 2.24; SL 1970, ch 265, § 13; SL 1983, ch 355; SL 1988, ch 377, § 49; SDCL, § 51-16-34.