Section 51A-3-22 - Amendment of articles of incorporation--Changes requiring approval of director--Filing of amendments. - South-dakota Statutes

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51A-3-22. Amendment of articles of incorporation--Changes requiring approval of director--Filing of amendments. A bank may amend its articles of incorporation in the manner provided under §§ 47-1A-101 to 47-1A-863.3, inclusive, §§ 47-1A-1001 to 47-1A-1021, inclusive, and §§ 47-1A-1201 to 47-1A-1202.6, inclusive, upon amendment certified by its president, except that prior approval of the director shall be required for a bank to: change its name or location; acquire or abandon trust powers; change the number or par value of its shares of stock; change the amount of capital; or, extend its corporate existence. Such approval must be based upon a finding that the security of existing creditors will not be impaired by the proposed action. All such amendments shall be filed in the same manner as provided for original articles of incorporation.

Source: SL 1909, ch 222, art 2, § 15; SL 1915, ch 102, art 2, § 17; RC 1919, § 8963; SDC 1939, § 6.0307; SDCL, §§ 51-3-9, 51-4-6; SL 1969, ch 11, § 3.19; SDCL, § 51-17-21; SL 2005, ch 202, § 20.

State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-03 > Statute-51a-3-22

51A-3-22. Amendment of articles of incorporation--Changes requiring approval of director--Filing of amendments. A bank may amend its articles of incorporation in the manner provided under §§ 47-1A-101 to 47-1A-863.3, inclusive, §§ 47-1A-1001 to 47-1A-1021, inclusive, and §§ 47-1A-1201 to 47-1A-1202.6, inclusive, upon amendment certified by its president, except that prior approval of the director shall be required for a bank to: change its name or location; acquire or abandon trust powers; change the number or par value of its shares of stock; change the amount of capital; or, extend its corporate existence. Such approval must be based upon a finding that the security of existing creditors will not be impaired by the proposed action. All such amendments shall be filed in the same manner as provided for original articles of incorporation.

Source: SL 1909, ch 222, art 2, § 15; SL 1915, ch 102, art 2, § 17; RC 1919, § 8963; SDC 1939, § 6.0307; SDCL, §§ 51-3-9, 51-4-6; SL 1969, ch 11, § 3.19; SDCL, § 51-17-21; SL 2005, ch 202, § 20.

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State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-03 > Statute-51a-3-22

51A-3-22. Amendment of articles of incorporation--Changes requiring approval of director--Filing of amendments. A bank may amend its articles of incorporation in the manner provided under §§ 47-1A-101 to 47-1A-863.3, inclusive, §§ 47-1A-1001 to 47-1A-1021, inclusive, and §§ 47-1A-1201 to 47-1A-1202.6, inclusive, upon amendment certified by its president, except that prior approval of the director shall be required for a bank to: change its name or location; acquire or abandon trust powers; change the number or par value of its shares of stock; change the amount of capital; or, extend its corporate existence. Such approval must be based upon a finding that the security of existing creditors will not be impaired by the proposed action. All such amendments shall be filed in the same manner as provided for original articles of incorporation.

Source: SL 1909, ch 222, art 2, § 15; SL 1915, ch 102, art 2, § 17; RC 1919, § 8963; SDC 1939, § 6.0307; SDCL, §§ 51-3-9, 51-4-6; SL 1969, ch 11, § 3.19; SDCL, § 51-17-21; SL 2005, ch 202, § 20.