Section 51A-4-25 - Bank investments--Restrictions set by rule--Limitations. - South Dakota Statutes

51A-4-25. Bank investments--Restrictions set by rule--Limitations. A bank may purchase for its own account investment securities and registered mutual funds that invest exclusively in securities of the United States or its agencies and annuities as defined in § 51A-4-25.1 under such limits and restrictions as the commission may prescribe by rule, promulgated pursuant to chapter 1-26. In no event may the total amount of the investment securities of any one obligor or maker held by the bank for its own account exceed twenty percent of the capital stock and surplus and ten percent of the undivided profits of such bank except as provided in §§ 51A-4-26 and 51A-4-31 to 51A-4-41, inclusive.

Source: SL 1969, ch 11, § 4.21; SL 1986, ch 400, § 14; SL 1988, ch 377, § 96; SDCL, § 51-18-22; SL 1994, ch 362; SL 2002, ch 219, § 1.