South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:07 - BANKING
Chapter 20:07:16 - Bank subsidiaries
Section 20:07:16:04 - Conduct and practices

Universal Citation: SD Admin Rules 20:07:16:04

Current through Register Vol. 50, page 114, March 25, 2024

A bank subsidiary as defined in § 20:07:16:01 shall at all times conduct its business and operations in a safe and sound manner, consistent with prudent business practices. A bank subsidiary shall also meet the following requirements:

(1) The subsidiary shall conduct business pursuant to independent policies and procedures designed to make known to the public that the subsidiary exists as an organization separate from the parent bank;

(2) The subsidiary shall maintain separate accounting procedures and corporate records that are open to examination by the division;

(3) The subsidiary shall observe separate corporate formalities.

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

Law Implemented: SDCL 51A-4-1.

Disclaimer: These regulations may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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