If, in the opinion of the director, an emergency exists which will result in serious losses to the depositors and creditors, he may suspend all activities and take possession of a bank without the consent of a majority of the members of the commission.

Source: SL 1969, ch 11 , § 13.7 (1); SL 1982, ch 336 , § 3; SL 1988, ch 377 , § 168; SDCL, § 51-27-14.