51A-4-8. Deposit insurance required--Federal reserve system membership authorized.Any bank authorized to engage in business under this title may obtain insurance of its deposits by the United States or any agency thereof. The commission may, by rule promulgated pursuant to chapter 1-26, establish requirements for insurance coverage of deposits. Any bank is authorized to acquire and hold membership in the federal reserve system. Such bank shall nevertheless be subject to the supervision and examination required by the laws of this state relating to banks. Source: SL 1915, ch 102, art 2, §36; RC 1919, §8983; SL 1919, ch 125; SL 1933 (SS), ch 1, §1; SL 1935, ch 61, §1; SDC 1939, §§6.0405, 6.0408; SDCL, §§51-6-12, 51-6-13; SL 1969, ch 11, §4.3; SL 1988, ch 377, §83; SDCL, §51-18-3.
South Dakota Legal Code