Statutes, codes, and regulations
South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 3 - ORGANIZATION, APPLICATIONS, AND CAPITAL STRUCTURE OF BANKING CORPORATIONS
Section 51A-3-32 - Board of directors-Number of members-Citizenship requirements-Election

S.D. Codified Laws § 51A-3-32

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Current through the 2024 Legislative Session
Section 51A-3-32 - Board of directors-Number of members-Citizenship requirements-Election

The board of directors of every bank shall consist of not less than five nor more than twenty-five members. At all times, at least three-fourths of the directors shall be citizens of the United States. With the exception of the president or the chief executive officer, the directors shall be elected by the shareholders.

SDCL 51A-3-32

SDC 1939, § 6.0315; SDCL, § 51-3-13; SL 1969, ch 11, § 3.26; SL 1970, ch 265, § 25; SL 1981, ch 346, § 26; SL 1983, ch 14, § 22; SL 1988, ch 377, § 75; SDCL, § 51-17-29; SL 1996, ch 279, § 1.