S.D. Codified Laws § 51A-3-5

This is the official text of S.D. Codified Laws § 51A-3-5, part of South Dakota’s Codified Laws — part of the compiled statutory law of South Dakota, published by the state as "Codified Laws." Browse the sections below, each linked to its official government source.

Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.

Sale price of original stock issue or original issue of members' equity--Excess credited to surplus

Official statutory text

For a bank organized as a corporation, the original issue of bank stock, and for a bank organized as a limited liability company, the original issue of members' equity, shall be sold at a price of not less than twenty percent in excess of its par value and paid for in full in lawful money of the United States. The excess over the par value shall be credited on the books of the bank to the surplus.

Source: SL 1915, ch 102, art 2, § 2; SL 1917, ch 145, § 1; RC 1919, § 8949; SL 1925, ch 95; SL 1927, ch 60; SDC 1939, § 6.0305; SDCL, § 51-4-4; SL 1969, ch 11, § 3.5; SL 1970, ch 265, § 17; SL 1988, ch 377, § 57; SDCL, § 51-17-5; SL 2004, ch 289, § 8.

Status: in_force · Read it on the official government site

Need a lawyer in South Dakota?

Find a South Dakota lawyer

About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.