Section 51A-2-22 - Removal of director, officer, or employee of bank--Grounds for order by director. - South Dakota Statutes

51A-2-22. Removal of director, officer, or employee of bank--Grounds for order by director. The director, may, subject to the approval of the commission, order the removal or prohibition from the banking industry in South Dakota, or both, of any director, officer, or employee of a bank, upon showing that the director, officer or employee has engaged or participated in any unlawful banking activity, any unsafe or unsound practice in which the bank has suffered or will suffer financial loss or other damage, or upon showing that the director, officer, or employee has knowingly caused the bank to be in violation of any part of this title or any rule issued thereunder, or who is determined by the director to have knowingly and willfully violated the terms of any order issued pursuant to § 51A-2-25 or 12 U.S.C. § 1818. Any person so affected by an order of the director or commission has the right to a hearing pursuant to chapter 1-26.

Source: SL 1909, ch 222, art 2, § 48; SL 1915, ch 102, art 2, § 53; RC 1919, § 9001; SDC 1939, § 6.0205 (8); SDCL § 51-2-23; SL 1969, ch 11, § 2.17 (2); SL 1970, ch 265, § 10; SL 1988, ch 377, § 38; SDCL § 51-16-25; SL 2008, ch 252, § 8.