Section 47-10-3 - Borrowing--Pledging security for borrowings. - South Dakota Statutes

47-10-3. Borrowing--Pledging security for borrowings. 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.

Source: SL 1957, ch 314, § 2; SDC Supp 1960, § 55.6002 (1).