Section 51A-2-39 - Certain acquisitions exempted. - South Dakota Statutes

51A-2-39. Certain acquisitions exempted. Any acquisitions made and approved by the commission pursuant to § 51A-2-38 between March 12, 1980, and July 1, 1988 or any acquisition relating to national or state banks established in South Dakota during such time period and for which an application has been filed with the board of governors of the federal reserve system during such time period are hereby approved, ratified and confirmed and continue in full force and effect notwithstanding the provisions of § 51A-2-38 and notwithstanding any determination of the invalidity of any of the limitations on such acquisition contained in the first paragraph of § 51A-2-40 as enacted in 1983 and prior versions thereof. Such approval, ratification and confirmation and continuation of such acquisitions is exclusive of any limitation of the first paragraph of § 51A-2-40 declared to be invalid. Such acquisitions consummated or pending between March 12, 1980, and July 1, 1988 are not subject to the limitations contained in the first paragraph of § 51A-2-40 as enacted in 1983 and prior versions thereof.

Source: SL 1988, ch 378, § 3; SDCL, § 51-16-40.1.