Section 51A-2-41 - Approval of commission required--Factors considered--Conditions--Fee.
51A-2-41. Approval of commission required--Factors considered--Conditions--Fee. Any acquisition under § 51A-2-38 shall be approved by the banking commission. In considering an application for approval, the banking commission may consider the following factors:
(1) Whether the acquisition is convenient and beneficial to the public;
(2) Whether such acquisition may result in undue concentration of resources or substantial lessening of competition.
Any approval granted to a bank holding company by the commission is subject to such conditions as the commission deems necessary and to the commission's continuing authority to ascertain the bank holding company's compliance with the provisions of this section and the conditions of approval. There is imposed a fee of fifty thousand dollars upon the filing of an application of a bank holding company to acquire or form a bank pursuant to the authority of §§ 51A-2-38 and 51A-2-40 for the purpose of engaging in facets of the insurance business, which fee is to be deposited in the general fund.
Source: SL 1980, ch 331, § 1; SL 1983, ch 356, § 4; SL 1988, ch 378, § 2; SDCL, § 51-16-42.