The board of directors of every bank shall consist of not less than five nor more than twenty–five members. At all times, at least three–fourths of the directors shall be citizens of the United States. With the exception of the president or the chief executive officer, the directors shall be elected by the shareholders.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Source: SDC 1939, § 6.0315; SDCL, § 51-3-13; SL 1969, ch 11, § 3.26; SL 1970, ch 265, § 25; SL 1981, ch 346, § 26; SL 1983, ch 14, § 22; SL 1988, ch 377, § 75; SDCL, § 51-17-29; SL 1996, ch 279, § 1.