51A-6A-11.1Public trust companies to maintain office and perform trust administration in South Dakota.

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.

Source: SL 2010, ch 232, § 18; SL 2012, ch 233, § 2; SL 2015, ch 240, § 3; SL 2016, ch 231, § 4.