Assessments made by the Public Deposit Protection Commission pursuant to § 4-6A-13 shall be payable on the second business day following demand, and in case of the failure of any qualified public depository so to pay, the commission shall forthwith take possession of the securities segregated as collateral by such depository pursuant to this chapter and liquidate the same for the purpose of paying such assessment.
S.D. Codified Laws § 4-6A-14
Payment of assessments by depositories--Liquidation of collateral on failure to pay
Known as the Public Deposit Insurance Act
The act spans §§ 4–4 (21 sections).
Source: SL 1974, ch 39, § 9 (4).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.