51A-2-14.1. State chartered banks granted powers allowed federally chartered banks.Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, expressed or implied, that a state bank has under the laws of this state, a state bank shall have the powers and authorities conferred as of January 1, 2008, upon federally chartered banks doing business in this state. A state bank may exercise the powers and authorities conferred on a federally chartered bank after this date only if the director finds that the exercise of such powers and authorities:(1)Serves the convenience and advantage of depositors, borrowers, or the general public; and(2)Maintains the fairness of competition and parity between state chartered and federally chartered banks.If the director finds that the before-mentioned conditions have been met, the director shall make a declaratory ruling allowing state banks the same powers and authorities.As used in this section, powers and authorities, include, without limitation, powers and authorities in corporate governance and operational matters. Source: SL 1999, ch 233, §1; SL 2008, ch 252, §6.
South Dakota Legal Code