51A-6A-11.1. Public trust companies to maintain office and perform trust administration in South Dakota.
132 words·~1 min read·
/sd/title-51/chapter-51-6/51a-6a-11-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A public trust company shall:
(1)Maintain office space in South Dakota for trust company business and for the storage of, and access to, trust company records required by § 51A-6A-30 ;
(2)Hold no less than two quarterly governing board meetings with a majority physically present in South Dakota each calendar year;
(3)Employ, engage, or contract with at least one trust officer or key employee to provide services for the trust company in South Dakota related to the powers of the company in § 51A-6A-29 and to facilitate the examinations required by § 51A-6A-31 ; and
(4)Perform trust administration in South Dakota.
The commission may promulgate rules, pursuant to chapter 1-26 , to establish additional guidelines regarding what constitutes trust administration in South Dakota for purposes of this section.