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Can you summarize SDCL Chapter 51A-3?
BANKS AND BANKING > Organization, Applications, And Capital Structure Of Banking Corporations
Short Summary
The provided legal document content pertains to the organization, applications, and capital structure of banking corporations in South Dakota. It covers various aspects such as the responsibilities of directors, the requirement of fidelity bonds for officers and employees, the election and removal of officers, the holding of regular meetings by the board of directors, the minimum number of directors, the adoption of bylaws, the prohibition of banks making purchase money loans or discounts on their own stock, the transfer of shares of bank stock, the extension of corporate existence, the amendment of articles of incorporation, the election and removal of officers, the payment of dividends, the approval of dividends by the director, the declaration of dividends, the computation of net profits, the allocation of net profits to surplus, the sale of capital stock, the total capital required for newly organized banks, the number of incorporators, the articles of incorporation or organization, the organization of banks as limited liability companies, the applicability of general corporate law to banks, the requirement of insurance protection against hazards, the change of control, the application process, and the indemnification of officers, directors, employees, and agents. These documents apply to directors, officers, employees, shareholders, and stockholders of banks in South Dakota. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Directors, officers, employees, shareholders, and stockholders of banks
What does it govern?
Organization, applications, and capital structure of banking corporations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
South Dakota