51A-14-3. Conversion from state bank to national bank.
139 words·~1 min read·
/sd/title-51/chapter-51-14/51a-14-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any bank may make application for reorganization as a national bank under the laws of the United States. The bank shall forward to the director a copy of a resolution of the board of directors to convert to a national bank. In the event such bank secures a certificate from the comptroller of the currency authorizing it to transact business as a national bank, such national bank shall take and hold all the assets, real and personal, of such state bank, subject to all liabilities existing against such bank at the time of such reorganization, and shall immediately notify the director of such reorganization and transfer.
At the time of reorganization, the directors of such bank shall institute proceedings to dissolve legally the old state bank charter in the same manner as provided herein for dissolution under voluntary liquidation.