State Ex Rel. Dakota Savings & Loan Ass'n v. Brosz

Dakota Savings and Loan Association is a corporation duly organized under Title 7 of the South Dakota *66Code of 1939 with its principal place of business at Sioux Falls, South Dakota. According to SDC 7.0106 no 'such association is permitted to transact any business unless it has been regularly authorized in writing by the Superintendent of Banks to begin the business contemplated by such association. SDC 7.0105 provides as follows:

"Whenever a certificate of incorporation has been issued to a building and loan association and such association notifies the Superintendent of Banks that it has…