Section 51A-15-22 - Applications to enjoin director from suspending activities and taking possession ofbank. - South Dakota Statutes

51A-15-22. Applications to enjoin director from suspending activities and taking possession of bank. Within three days after the director has suspended and taken possession of the property and business of a bank, that bank may apply to the circuit court to enjoin further proceedings. The court, after requiring the director to show cause why further proceedings should not be enjoined and after a hearing and a determination upon the merit of the facts, may dismiss the application, or may enjoin the director from further proceedings, and may void any appointment of a receiver, and direct him or the receiver to surrender the property and business to the bank. This section provides the exclusive method for challenging the actions of the director under this chapter.

Source: SL 1969, ch 11, § 13.7 (2); SL 1970, ch 265, § 66; SL 1982, ch 336, § 4; SL 1988, ch 377, § 169; SDCL, § 51-27-15.