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APPLICATION OF TRADE DEVELOPMENT BANK

No. 15014.

382 N.W.2d 47 (1986)

In the Matter of the Application of TRADE DEVELOPMENT BANK.

Supreme Court of South Dakota.

Decided February 19, 1986.

Attorney(s) appearing for the Case

Ronald G. Schmidt, of Schmidt, Schroyer, Colwill & Zinter, P.C., Pierre, for appellant, Independent Community Bankers Ass'n of South Dakota, Inc.

Jeremiah Murphy, of Boyce, Murphy, McDowell & Greenfield, Sioux Falls, for appellee, Trade Development Bank.

William Srstka, Jr., of Duncan, Olinger, Srstka, Lovald & Robbennolt, Pierre, for appellee, South Dakota Banking Com'n.

FOSHEIM, Chief Justice.

Independent Community Bankers Association of South Dakota, Inc., (Independent Bankers) appeals from a circuit decision which recognizes the South Dakota Banking Commission's (Commission) authority to create and define a "special purpose bank." We reverse.

On July 11, 1984, Commission gave notice of its intent to adopt or amend the following two administrative rules:

20:07:12:01 Special purpose bank defined. A special purpose...

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