South Dakota § 51A-3-17 - Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends.
Full text of South Dakota South Dakota Codified Laws § 51A-3-17 — Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends., with citation guidance and answers to common questions.
§ 51A-3-17. Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends.
No dividends may be declared or paid on the capital stock of any bank which has outstanding capital notes or debentures, or if preferred stock has been issued without prior written approval of the director unless:
(1) In the case of an issue of capital notes or debentures, the surplus and undivided profits of such bank equal such issue, the retirement requirements and interest on the issue have been paid; or
(2) In the case of an issue of preferred stock, all the terms of issue shall have been satisfied.
Source: SL 1933 (SS), ch 1, § 4; SL 1935, ch 61, § 2; SDC 1939, § 6.0409; SL 1943, ch 16; SL 1955, ch 10; SDCL, §§ 51-4-12, 51-4-24; SL 1969, ch 11, § 3.6; SDCL, § 51-17-7; SL 1988, ch 377, § 59; SDCL, § 51-17-20.2.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 51A-3-17
What does South Dakota Codified Laws § 51A-3-17 cover?
Section 51A-3-17 ("Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 51A-3-17?
A common citation format is "South Dakota Codified Laws § 51A-3-17" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 51A-3-17 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.