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Can you summarize SDAR Chapter 20:07:15?
BANKING (LABOR AND REGULATION) > Suspension and liquidation.
Short Summary
The provided legal document content pertains to the granting of charters or branch authorizations by the banking commission under certain circumstances. These circumstances include when the director appoints the federal deposit insurance corporation as a receiver for a bank under their possession, and when the federal deposit insurance corporation sells the bank to another bank that purchases the assets and assumes the liabilities of the failed bank. In such cases, a charter or branch authorization may be necessary for the assuming bank due to the purchase and assumption. The document references specific South Dakota Codified Laws (SDCL) such as 51A-15-18, 51A-2-13, 51A-14-6, and 51A-15-19. It falls under the Administrative Rules of South Dakota in the BANKING (LABOR AND REGULATION) category. The document does not mention any exemptions or penalties.
Whom does it apply to?
Banking commission, director, federal deposit insurance corporation, assuming bank
What does it govern?
Granting charters or branch authorizations under specific circumstances
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
South Dakota