<html> <head> <title>Rule 20:07:15:01 Emergency charters.</title> <META NAME="Keywords" Content="Administrative Rules 20:07:15:01"> <META NAME="Description" Content="Administrative Rules 20:07:15:01 Emergency charters."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:07:15:01.&nbsp;&nbsp;Emergency charters.</b> The banking commission may, without further notice or hearing, grant a charter or branch authorization under the following circumstances:</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;Pursuant to SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-15-18">51A-15-18</A>, the director has appointed the federal deposit insurance corporation as receiver for a bank of which the director has taken possession;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;The federal deposit insurance corporation sells the bank to another bank that purchases the assets and assumes the liabilities of the failed bank; and</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;A charter or branch authorization is necessary for the assuming bank because of the purchase and assumption.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 11 SDR 46, effective October 9, 1984; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 15 SDR 28, effective August 21, 1988.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-13">51A-2-13.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-13">51A-2-13</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-14-6">51A-14-6</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-15-18">51A-15-18</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-15-19">51A-15-19.</A></p> </div> </body> </html>