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Authority of director to take possession of bank in voluntary liquidation

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SD Code › Title 51A › Chapter 15 › Section 51A-15-8

This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.

Text

Where a bank has commenced voluntary liquidation and the director finds that the assets will be insufficient for the full discharge of all obligations or that completion of the liquidation has been unduly delayed, he may take possession and complete the liquidation in the manner provided in this chapter for involuntary liquidations.

Source: SL 1969, ch 11, § 13.3; SDCL, § 51-27-8.

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.

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Authority of director to take possession of bank in voluntary liquidation · S.D. Codified Laws § 51A-15-8 | Frix