Statutes > South Dakota Statutes > Title 51A - BANKS AND BANKING > Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations > Section 51A-3-32 - Board of directors--Number of members--Citizenship requirements--Election.

Section 51A-3-32 - Board of directors--Number of members--Citizenship requirements--Election.

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.

Source: 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.