Section 51A-15-24 - Reorganization of bank by director--Distribution and effect of reorganization plan. - South Dakota Statutes

51A-15-24. Reorganization of bank by director--Distribution and effect of reorganization plan. If the director of the Division of Banking determines to reorganize a bank he shall enter an order proposing a reorganization plan. A copy of the plan shall be sent to each depositor and creditor who will not receive payment of his claim in full under the plan together with notice that the director will proceed to effect the reorganization unless, within fifteen days, the plan is disapproved in writing by persons holding one-third or more of the aggregate amount of those claims. A department, agency, or political subdivision of this state holding a claim which will not be paid in full is authorized to participate as any other creditor.

Source: SL 1969, ch 11, § 13.7 (3); SL 1982, ch 336, § 5; SDCL, § 51-27-16.