Section 51A-15-11 - Director's authority to suspend activities and take possession of bank--Grounds. - South-dakota Statutes

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Statutes > South-dakota > Title-51a > Chapter-15 > Statute-51a-15-11

51A-15-11. Director's authority to suspend activities and take possession of bank--Grounds. After a hearing with three days' oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank whenever he finds:
(1) Its capital is impaired or it is otherwise in an unsound condition;
(2) Its business is being conducted in an unlawful or unsound manner;
(3) It is unable to continue normal operations;
(4) Its examination has been obstructed or impeded;
(5) It places its affairs and assets under his control;
(6) A corporation refuses to permit an examination as provided in § 51A-2-37;
(7) It is insolvent; or
(8) Its insurance has been terminated pursuant to an action initiated by the Federal Deposit Insurance Corporation under 12 U.S.C. § 1818(a), as amended.

Source: SL 1909, ch 222, art 1, § 9; SL 1909, ch 222, art 2, § 20; SL 1911, ch 256, §§ 9, 26; SL 1915, ch 102, art 1, § 9; SL 1915, ch 102, art 2, § 23; RC 1919, §§ 8925, 8970, 9056; SDC 1939, § 6.0604; SDCL, § 51-14-11; SL 1969, ch 11, § 13.5; SL 1970, ch 265, § 65; SL 1981, ch 346, § 68; SL 1982, ch 336, § 2; SL 1988, ch 377, § 165; SDCL, § 51-27-10.

State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-15 > Statute-51a-15-11

51A-15-11. Director's authority to suspend activities and take possession of bank--Grounds. After a hearing with three days' oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank whenever he finds:
(1) Its capital is impaired or it is otherwise in an unsound condition;
(2) Its business is being conducted in an unlawful or unsound manner;
(3) It is unable to continue normal operations;
(4) Its examination has been obstructed or impeded;
(5) It places its affairs and assets under his control;
(6) A corporation refuses to permit an examination as provided in § 51A-2-37;
(7) It is insolvent; or
(8) Its insurance has been terminated pursuant to an action initiated by the Federal Deposit Insurance Corporation under 12 U.S.C. § 1818(a), as amended.

Source: SL 1909, ch 222, art 1, § 9; SL 1909, ch 222, art 2, § 20; SL 1911, ch 256, §§ 9, 26; SL 1915, ch 102, art 1, § 9; SL 1915, ch 102, art 2, § 23; RC 1919, §§ 8925, 8970, 9056; SDC 1939, § 6.0604; SDCL, § 51-14-11; SL 1969, ch 11, § 13.5; SL 1970, ch 265, § 65; SL 1981, ch 346, § 68; SL 1982, ch 336, § 2; SL 1988, ch 377, § 165; SDCL, § 51-27-10.

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State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-15 > Statute-51a-15-11

51A-15-11. Director's authority to suspend activities and take possession of bank--Grounds. After a hearing with three days' oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank whenever he finds:
(1) Its capital is impaired or it is otherwise in an unsound condition;
(2) Its business is being conducted in an unlawful or unsound manner;
(3) It is unable to continue normal operations;
(4) Its examination has been obstructed or impeded;
(5) It places its affairs and assets under his control;
(6) A corporation refuses to permit an examination as provided in § 51A-2-37;
(7) It is insolvent; or
(8) Its insurance has been terminated pursuant to an action initiated by the Federal Deposit Insurance Corporation under 12 U.S.C. § 1818(a), as amended.

Source: SL 1909, ch 222, art 1, § 9; SL 1909, ch 222, art 2, § 20; SL 1911, ch 256, §§ 9, 26; SL 1915, ch 102, art 1, § 9; SL 1915, ch 102, art 2, § 23; RC 1919, §§ 8925, 8970, 9056; SDC 1939, § 6.0604; SDCL, § 51-14-11; SL 1969, ch 11, § 13.5; SL 1970, ch 265, § 65; SL 1981, ch 346, § 68; SL 1982, ch 336, § 2; SL 1988, ch 377, § 165; SDCL, § 51-27-10.