The directors of a bank shall be responsible for prescribing at least once in each year the amount or penal sum of such bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting such risk or hazard. Such action shall be recorded in the minutes of the board of directors and thereafter be reported to the director and be subject to his approval.
S.D. Codified Laws § 51A-3-39
Amount of bonds and insurance prescribed by bank directors--Approval by director of division
Source: SL 1969, ch 11, § 3.29; SDCL, § 51-17-38.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.