Dividends to stockholders may be declared from net profits by the board of directors of a bank not more than once in each calendar quarter provided that all provisions of this title relating to the maintenance of capital accounts have been complied with. The minutes of such a meeting shall reflect that a determination has been made that the reserve for loan and lease losses has been adequately funded, the amount carried to surplus, if any, the amount of dividend declared, the amount of net undivided profits, if any, remaining and the amount of total equity capital remaining.
S.D. Codified Laws § 51A-3-18
Dividends--Restrictions and requirements for declaration
Source: SL 1891, ch 27, § 13; RCivC 1903, § 859; SL 1909, ch 222, art 2, §§ 11, 36; SL 1911, ch 255, §§ 14, 16; SL 1915, ch 102, art 2, §§ 13, 40; RC 1919, §§ 8959, 8988, 9044, …
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.