A bank may acquire, make an investment in, or organize a bank subsidiary without prior application to or the consent of the division. A bank acquiring, making an investment in, or organizing a bank subsidiary shall notify the division in writing of such action at least 10 business days prior to the first operation of the subsidiary.

Source: 12 SDR 106, effective January 1, 1986; 12 SDR 151, 12 SDR 155, effective July 1, 1986.

General Authority: SDCL 51A-2-13 to 51A-2-15.

Law Implemented: SDCL 51A-2-25 , 51A-4-1.