Director's authority to suspend activities and take possession of bank--Grounds

After a hearing with three days' oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank if the director finds:

(1) The bank's capital is impaired or the bank is otherwise in an unsound condition;

(2) The bank's business is being conducted in an unlawful or unsound manner;

(3) The bank is unable to continue normal operations;

(4) The bank refuses to permit, obstructs, or impedes an examination as provided in § 51A-2-18 ;

(5) The bank places its affairs and assets under the control of the director;

(6) A parent corporation refuses to permit, obstructs, or impedes an examination as provided in § 51A-2-37 ;

(7) The bank is insolvent; or

(8) The bank's insurance has been terminated pursuant to an action initiated by the Federal Deposit Insurance Corporation under 12 U.S.C. § 1818(a), as of January 1, 2015.

Source: SL 1909, ch 222, art 1, § 9; SL 1909, ch 222, art 2, § 20; SL 1911, ch 256, §§ 9, 26; SL 1915, ch 102, art 1, § 9; SL 1915, ch 102, art 2, § 23; RC 1919, §§ 8925, 8970, 9056; SDC 1939, § 6.0604; SDCL § 51-14-11; SL 1969, ch 11, § 13.5; SL 1970, ch 265, § 65; SL 1981, ch 346, § 68; SL 1982, ch 336, § 2; SL 1988, ch 377, § 165; SDCL § 51-27-10; SL 2015, ch 239, § 9.