Upon approval by the commission, pursuant to § 51A-15-1, a bank shall forthwith cease to do business, shall have only the powers necessary to effect an orderly liquidation and shall proceed to pay its depositors and creditors and to wind up its affairs.
S.D. Codified Laws § 51A-15-2
Ceasing to do business and winding up affairs on voluntary liquidation
Source: SL 1969, ch 11, § 13.2; SDCL, § 51-27-2.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.