State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-06a > Statute-51a-6a-50

51A-6A-50. Procedure for merging, consolidating with, or transferring assets and liabilities to, another bank or trust company. Before any trust company can merge, consolidate with, or transfer its assets and liabilities to another trust company or bank it must file with the director, certified copies of all proceedings of its governing board and owners relating to the merger, consolidation, or transfer. The owners' proceedings must show that a majority of the owners voted in favor of the merger, consolidation, or transfer. The owners' proceedings shall contain a complete copy of the agreement made and entered into, with reference to the merger, consolidation, or transfer. Upon the filing of the owners' and governing board's proceedings, the director shall make an investigation to determine whether:
(1) The interests of the clients, creditors, and owners of each are protected;
(2) The merger, consolidation, or transfer is in the public interest; and
(3) The merger, consolidation, or transfer is made for legitimate purposes.
The commission's consent to or rejection of a merger, consolidation, or transfer shall be based upon the investigation. No merger, consolidation, or transfer may be made without the consent of the commission. The expense of the investigation shall be paid by the persons filing the request.

Source: SL 1995, ch 268, § 48.