The banking commission may, without further notice or hearing, grant a charter or branch authorization under the following circumstances:

1. (1) Pursuant to SDCL 51A-15-18, the director has appointed the federal deposit insurance corporation as receiver for a bank of which the director has taken possession;
2. (2) The federal deposit insurance corporation sells the bank to another bank that purchases the assets and assumes the liabilities of the failed bank; and
3. (3) A charter or branch authorization is necessary for the assuming bank because of the purchase and assumption.

Source: 11 SDR 46, effective October 9, 1984; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 15 SDR 28, effective August 21, 1988.

General Authority: SDCL 51A-2-13.

Law Implemented: SDCL 51A-2-13 , 51A-14-6 , 51A-15-18 , 51A-15-19.