Section 51A-3-2 - Articles of incorporation or articles of organization--Content--Name of bank--Capitalstock or members' equity.
51A-3-2. Articles of incorporation or articles of organization--Content--Name of bank--Capital stock or members' equity. For a bank organized as a corporation, the articles of incorporation of a bank shall state, and for a bank organized as a limited liability company, the articles of organization of a bank shall state:
(1) That the corporation or limited liability company is formed for the purpose of engaging in the business of banking, or as a bank and trust company, or as a bank and trust department;
(2) The period for which such corporation or limited liability company is organized, not exceeding twenty years.
The capital stock of a bank organized as a corporation shall be divided into shares of not less than ten nor more than one hundred dollars each. The members' equity of a bank organized as a limited liability company shall be divided into units of not less than ten nor more than one hundred dollars each.
The name of a bank organized under this title shall be different from the name of any other bank or trust company in the county of its place of business. However, the name of the bank is not required to be different if the majority of the bank's outstanding stock is owned by a bank holding company that also owns a majority of the outstanding stock of another bank or trust company in the county of the bank's place of business and such other bank or trust company has given its prior written consent.
Source: SDC 1939, § 6.0301; SL 1941, ch 15; SL 1957, ch 10; SDCL §§ 51-3-1, 51-3-3, 51-3-4; SL 1969, ch 11, § 3.2; SL 1970, ch 265, § 16; SDCL § 51-17-2; SL 1995, ch 268, § 64; SL 2004, ch 289, § 7; SL 2009, ch 250, § 1.