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


Chapter 51A-6A

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