<html> <head> <title>Rule 20:07:16:06 When prior approval required.</title> <META NAME="Keywords" Content="Administrative Rules 20:07:16:06"> <META NAME="Description" Content="Administrative Rules 20:07:16:06 When prior approval required."> <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>20:07:16:06.&nbsp;&nbsp;When prior approval required.</b> A bank may acquire, make an investment in, or organize a bank subsidiary without prior application to or the consent of the division. A bank acquiring, making an investment in, or organizing a bank subsidiary shall notify the division in writing of such action at least 10 business days prior to the first operation of the subsidiary.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 12 SDR 106, effective January 1, 1986; 12 SDR 151, 12 SDR 155, effective July 1, 1986.</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> to <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-15">51A-2-15.</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-2-25">51A-2-25</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-4-1">51A-4-1.</A></p> </div> </body> </html>