The officers of every bank shall be elected by the board of directors at the board meeting held in January of each year. The president or chief executive officer shall be appointed by the elected board members to the board of directors. The officers shall hold office for one year and until their successors are elected and qualified, subject to removal by the board at any time. Vacancies may be filled by appointment of successors by the board of directors at any regular or special meeting, to hold office until the next regular election and until successors qualify.
S.D. Codified Laws § 51A-3-35
Election of officers--Terms--Vacancies
Source: SDC 1939, § 6.0317; SL 1963, ch 24; SDCL, § 51-3-18; SL 1969, ch 11, § 3.28; SL 1988, ch 377, § 77; SDCL, § 51-17-34; SL 1996, ch 279, § 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.