Director's authority to take action in emergency without majority consent of commission

If, in the opinion of the director, an emergency exists which will result in serious losses to the depositors and creditors, he may suspend all activities and take possession of a bank without the consent of a majority of the members of the commission. Source: SL 1969, ch 11 , § 13.7 (1); SL 1982, ch 336 , § 3; SL 1988, ch 377 , § 168; SDCL, § 51-27-14.