SDCL § 51A-3-35: Election of officers--Terms--Vacancies.

The officers of every bank shall be elected by the board of directors at the board meeting held in January of each year. The president or chief executive officer shall be appointed by the elected board members to the board of directors. The officers shall hold office for one year and until their successors are elected and qualified, subject to removal by the board at any time. Vacancies may be filled by appointment of successors by the board of directors at any regular or special meeting, to hold office until the next regular election and until successors qualify.

Source: SDC 1939, § 6.0317; SL 1963, ch 24; SDCL, § 51-3-18; SL 1969, ch 11, § 3.28; SL 1988, ch 377, § 77; SDCL, § 51-17-34; SL 1996, ch 279, § 2.