Subject to § 47-10-2, any business development credit corporation shall have the power to borrow money on secured or unsecured notes from any bank, savings and loan association, trust company, or insurance company which is a nonstockholder member of the corporation and from other nonmember persons, firms, or corporations; and to pledge bonds, notes, and other securities as collateral therefor.
S.D. Codified Laws § 47-10-3
Borrowing--Pledging security for borrowings
Source: SL 1957, ch 314, § 2; SDC Supp 1960, § 55.6002 (1).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.