51A-2-1      Establishment of Division of Banking.
51A-2-2      Department and commission as division within Department of Labor and Regulation--Direction and supervision by department--Independent functions retained by division.
51A-2-3      Director of division--Vacancy--Qualifications.
51A-2-4      Director of division--Appointment and removal.
51A-2-5      Deputy director--Appointment--Powers and duties.
51A-2-6      Staff employees--Compensation--Dismissal--Background investigation.
51A-2-7      Appointment of State Banking Commission--Director as executive officer--Qualifications of members.
51A-2-8      Terms of commission members--Vacancies--Removal for cause.
51A-2-9      Chairman and secretary of commission--Per diem and expenses of members.
51A-2-10      Meetings of commission.
51A-2-11      Quorum--Replacement of nonparticipating member.
51A-2-12      Clerical, technical, and legal assistance for commission.
51A-2-13      Rules promulgated by commission.
51A-2-14      Rules granting additional authority to banks to promote competitive equality.
51A-2-14.1      State chartered banks granted powers allowed federally chartered banks.
51A-2-14.2      Restrictions on federally chartered banks apply to state chartered banks.
51A-2-15      Considerations of commission in making rules and regulations.
51A-2-16      Applications to organize or change control of bank, to merge, to open or close branch banks, or to change location.
51A-2-17      Forms of advertising.
51A-2-18      Examination of banks by director--Substitution for examination requirements.
51A-2-19      Subpoena power--Witness fees and mileage.
51A-2-20      Examination by director upon application by board--Fees and expenses.
51A-2-21      Order to prohibit stockholders' action pending judicial determination.
51A-2-22      Removal of director, officer, or employee of bank--Grounds for order by director.
51A-2-23      Review of removal order by commission.
51A-2-24      Accounting practices--Valuation of assets--Required practices to protect loans.
51A-2-25      Temporary order of director against unsound practice.
51A-2-26      Permanent order of commission against unsound practice.
51A-2-27      Injunctive relief.
51A-2-28      Seal of director.
51A-2-29      Record of fees--Disposition of money collected.
51A-2-30      Banking special revenue fund created--Disbursements.
51A-2-31      Copies of official records and papers in office of division--Evidentiary value--Fee for certified copy.
51A-2-32      Oaths and bonds of commissioners, director, deputy director, examiners and special examiners, and other division personnel.
51A-2-33      Secrecy oath of commissioners, director and division officers and employees--Exceptions to secrecy requirements.
51A-2-34      Interest in bank by division officers or employees prohibited--Relinquishment of interest by director or deputy for term of office.
51A-2-35      Records of division open to public inspection--Exceptions--Court order.
51A-2-36      Examination and supervision fees.
51A-2-37      Examinations of parent corporations by director--Penalty for refusal to allow examination.
51A-2-38 to 51A-2-43. Repealed.

CHAPTER 51A-3

ORGANIZATION, APPLICATIONS, AND CAPITAL STRUCTURE OF BANKING CORPORATIONS

51A-3-1    Corporation laws applicable to banks.

51A-3-1.1    Bank organized as limited liability company--Rules.

51A-3-2    Articles of incorporation or articles of organization--Content--Name of bank--Capital stock or members' equity.

51A-3-3    Incorporators of bank.

51A-3-4    Minimum capital.

51A-3-5    Sale price of original stock issue or original issue of members' equity--Excess credited to surplus.

51A-3-6    Transfers to surplus.

51A-3-7    Applications--Fee.

51A-3-8    Acceptance of application for charter.

51A-3-9    Conditions to be considered in ruling on application.

51A-3-10    Hearing on application.

51A-3-11    51A-3-11. Repealed by SL 2008, ch 252, § 14.

51A-3-12    Endorsement and filing of approved articles--Notice of disapproval.

51A-3-13    Subscription of shares--Minimum collection--Refund on disapproval of application.

51A-3-14    Call by incorporators for full payment of subscriptions--Issuance of certificate of authority by director--Commencement of business within one year.

51A-3-15    Applications for branch banks and detached drive-in facilities--Applicable provisions.

51A-3-16    Preferred stock, capital notes, and debentures--Director approval of issuance--Terms of issue--Director approval of retirement or payment.

51A-3-17    Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends.

51A-3-17.1    Dividends--Definition.

51A-3-18    Dividends--Restrictions and requirements for declaration.

51A-3-19    Approval of director required for unusually large dividends.

51A-3-20    Recovery of dividends paid when capital impaired.

51A-3-21    Net profits defined.

51A-3-22    Amendment of articles of incorporation--Changes requiring approval of director--Filing of amendments.

51A-3-23    Extension of charter.

51A-3-24    Reporting transfers of stock.

51A-3-25    Change in control of bank.

51A-3-26    Lien on shares--Enforcement--Marking of certificates.

51A-3-27    Purchase or purchase money loans on security of own stock prohibited--Exception.

51A-3-28    Credit of dividends, interest, or profits on indebtedness--Foreclosure of lien.

51A-3-29    Repealed by SL 2012, ch 252, § 12.

51A-3-30    Adoption and approval of bylaws.

51A-3-31    Indemnification of officers, directors, or employees.

51A-3-32    Board of directors--Number of members--Citizenship requirements--Election.

51A-3-33    Removal of directors--Vote required.

51A-3-34    Board of directors--Meetings.

51A-3-35    Election of officers--Terms--Vacancies.

51A-3-36    Names of officers and information forwarded to director--Vacancy on refusal to confirm.

51A-3-37    Bonds of officers and employees.

51A-3-38    Insurance protection.

51A-3-39    Amount of bonds and insurance prescribed by bank directors--Approval by director of division.

CHAPTER 51A-4

GENERAL POWERS OF BANKS

51A-4-1    Miscellaneous banking powers.

51A-4-1.1    Banking with industrial hemp or marijuana licensees and associated persons authorized.

51A-4-2    Purchase and sale of securities on order of customer--Contract with securities brokerage services allowed.

51A-4-3    Operation of travel agency.

51A-4-4    Insurance business authorized.

51A-4-5    Certificate of authority required to engage in banking business--Misdemeanor.

51A-4-6    Order to cease and desist for violation--Right to appeal.

51A-4-7    Arrest and prosecution for violation.

51A-4-8    Deposit insurance required--Federal reserve system membership authorized.

51A-4-9    Real property authorized to be held by bank--Maximum book value of premises.

51A-4-10    Property authorized to be purchased to satisfy debts--Limitation on period of retention.

51A-4-11    51A-4-11. Repealed by SL 2014, ch 47, § 17.

51A-4-12    Checks settled at par--Payment from reserve deposits.

51A-4-13    Borrowing money by bank--Pledge of assets.

51A-4-14    "Bills payable" issued for money borrowed by bank--Record of amount borrowed.

51A-4-15    Rediscounting of negotiable paper--Limitation on pledge of assets as security.

51A-4-16    Sale, transfer, or assignment of loan participations.

51A-4-17    Sale of assets of bank.

51A-4-18    Grounds and procedure for nonobservance of banking hours--Extension of hours.

51A-4-19    Change in banking hours--Notice to division.

51A-4-20    Restriction on use of bank money to purchase other bank stock--Community investments authorized--Limitation on investment.

51A-4-20.1    "Community development corporation" defined.

51A-4-20.2    Qualification of community development corporation as permissible investment.

51A-4-20.3    Promulgation of rules for investment in community development corporations.

51A-4-20.4    Investments to promote public welfare authorized--Limitations.

51A-4-21    Bad debts--Maximum time allowed before charge-off--Overdraft not allowed as asset.

51A-4-22    Purchase of retail installment contract--Terms and effect of agreement.

51A-4-23    Leasing of personal property by bank--Terms and conditions.

51A-4-24    Factoring--Applicability of lending limit provisions.

51A-4-25    Bank investments--Restrictions set by rule--Limitations.

51A-4-25.1    Annuity defined.

51A-4-26    Exceptions to investment limitation--Purchase of federal, state, and municipal obligations and bonds or interim notes of South Dakota Building Authority.

51A-4-27    Investments in agricultural credit corporations and livestock loan companies.

51A-4-28    Restricted investment in mortgage banking companies authorized.

51A-4-29    Banks authorized to make or purchase loans secured by real estate mortgages--Sale of loans to Federal National Mortgage Association--Capital contributions.

51A-4-30    Investment in federally sponsored housing loans.

51A-4-31    51A-4-31 to 51A-4-40. Repealed by SL 2008, ch 252, §§ 18 to 27.

51A-4-41    Repealed.

51A-4-42    Restrictions on purchase of cash value life insurance contracts.

51A-4-43    Access to motor vehicle title and lien information on state's computer system.

51A-4-44    Financial institution and services defined.

51A-4-45    Contracts for services.

51A-4-46    Debt cancellation contracts and debt suspension contracts--Fee.

CHAPTER 51A-5

TRUST BUSINESS OF BANKS

51A-5-1    Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor.

51A-5-1.1    Powers of banks engaging in trust business.

51A-5-1.2    "Trust business" defined.

51A-5-2    Bank as trustee or custodian for retirement benefit plans.

51A-5-3    Fiduciary authority of bank authorized by charter to exercise trust powers.

51A-5-4    Deposit required to do trust business--Amount and form of deposit--Disposition of income.

51A-5-5    Deposit available for satisfaction of claims upon liquidation, abandonment of trust powers, or resignation from fiduciary positions.

51A-5-6    National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination.

51A-5-7    Foreign bank or trust company to comply with requirements to act as fiduciary in state--Violation as misdemeanor.

51A-5-8    Reciprocal privileges extended to foreign bank or trust company acting as fiduciary.

51A-5-9    Filing with Office of the Secretary of State by foreign bank or trust company acting as fiduciary--Designation as agent to receive process--Service of process.

51A-5-10    Establishment of place of business not permitted or prohibited by filing requirements.

51A-5-11    Investment powers of trust company.

51A-5-12    Voting of bank shares by cotrustee.

51A-5-13    Segregation of assets held by bank as fiduciary.

51A-5-14    Deposit of federally guaranteed securities with federal reserve bank.

51A-5-15    Records of depositor to show ownership of securities--Transfers by book entries.

51A-5-16    Custodian to certify deposited securities to fiduciary--Duty of fiduciary.

51A-5-17    Application of provisions to fiduciaries and custodians whenever appointed.

51A-5-18    51A-5-18. Repealed by SL 2011, ch 212, § 19.

51A-5-19    Oath or bond not required of bank to qualify as fiduciary.

51A-5-20    Nominees used by bank acting as fiduciary or cofiduciary.

51A-5-21    Deposit in clearing corporation of securities held as fiduciary or custodian.

51A-5-22    Ownership of stock in clearing corporation not required for deposit of securities by fiduciary or custodian.

51A-5-23    Holding in bulk of securities deposited in clearing corporation--Merger of certificates.

51A-5-24    Records of securities deposited in clearing corporation--Transfer by book entry--Certification to interested party of securities held.

51A-5-25    Approval or ratification of acceptance or relinquishment of fiduciary accounts by board of directors or committee.

51A-5-26    Supervision of investment of fiduciary funds by committee designated by board of directors.

51A-5-27    Reports of committees designated to supervise fiduciary accounts.

51A-5-28    Repealed

51A-5-29    Repealed

51A-5-30    Repealed

51A-5-31    Repealed

51A-5-32    Repealed

CHAPTER 51A-6

TRUST COMPANIES [REPEALED AND TRANSFERRED]

51A-6-1    Repealed

51A-6-2    Repealed

51A-6-3    51A-6-3. Repealed by SL 1994, ch 364, § 4.

51A-6-4    Repealed

51A-6-5    Repealed

51A-6-6    Repealed

51A-6-7    51A-6-7. Repealed by SL 1994, ch 364, § 7.

51A-6-8    51A-6-8 to 51A-6-11. Repealed by SL 1995, ch 268, §§ 80 to 83.

51A-6-12    Repealed

51A-6-13    51A-6-13. Repealed by SL 1995, ch 268, § 84.

51A-6-14    Repealed

51A-6-15    Repealed

51A-6-16    Repealed

51A-6-17    Repealed

51A-6-18    Repealed

51A-6-19    Repealed

51A-6-20    Repealed

51A-6-21    Repealed

51A-6-22    Repealed

51A-6-23    Transferred to § 51A-6A-67.

CHAPTER 51A-6A

CREATION OF TRUST COMPANIES

51A-6A-1    Definitions.

51A-6A-2    Confidential information.

51A-6A-3    "Community" defined.

51A-6A-4    Application for incorporation--Approval procedure--Emergency procedure.

51A-6A-5    Considerations in ruling on application-Proceedings on application.

51A-6A-5.1    Notice to division of material omission in application or change in facts reported in application.

51A-6A-6    Application fee.

51A-6A-6.1    51A-6A-6.1. Repealed by SL 1998, ch 282, § 34.

51A-6A-7    Organization of public and private trust companies--Submission and approval of articles--Required information.

51A-6A-7.1    Corporation laws applied.

51A-6A-8    Amendment of articles--Extension of existence.

51A-6A-9    Starting date of trust company existence--Commencement of business.

51A-6A-10    Statement of payment of capital--Certificate of organization.

51A-6A-11    Authority to transact business required--Violation as misdemeanor.

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

51A-6A-11.2    Office space requirements.

51A-6A-11.3    Approval of other office space requirements.

51A-6A-12    List of owners--Annual submission to director--Verification of list.

51A-6A-13    Governing board--Membership--Election--Vacancies.

51A-6A-14    Officers of governing board--Bond required.

51A-6A-15    Meetings of governing board--Examination and audit of books and records.

51A-6A-16    Oath of board members.

51A-6A-17    Persons convicted of certain crimes ineligible to serve as board member, officer, or key employee--Civil penalty--Criminal background investigation.

51A-6A-18    51A-6A-18. Repealed by SL 2002, ch 220, § 1.

51A-6A-19    Determining capital--Minimum--Purpose of capital--Fidelity bond and liability insurance policy.

51A-6A-19.1    Additional capital requirements--Safety and soundness factors to be considered--Effective date of order--Hearing.

51A-6A-19.2    Investments pledged to division for security of trust creditors of trust company--Amount--Income from investments--Pledge increase--Hearing.

51A-6A-19.3    Pledge available to satisfy claims upon liquidation, abandonment of trust powers, or resignation.

51A-6A-20    Payment of subscriptions--Reduction of common stock.

51A-6A-21    Transferring stock and ownership units.

51A-6A-22    Increasing capital stock or ownership units.

51A-6A-23    Registration of capital stock or ownership units.

51A-6A-24    Issuance and retirement of preferred stock.

51A-6A-25    Rights and liability of preferred stockholders--Dividends.

51A-6A-26    Issuance of convertible or nonconvertible capital notes or debentures.

51A-6A-27    Dividends not permitted from required capital.

51A-6A-28    Dividends from undivided profits or surplus.

51A-6A-29    Powers of trust company.

51A-6A-29.1    Permissible business of trust companies.

51A-6A-30    Retention of records--Promulgation of rules--Reproduction of records--Duty of confidentiality.

51A-6A-31    Periodic examination of trust company--Report of examination--Cooperative, coordinating and information-sharing agreements among agencies.

51A-6A-32    Examination of fiduciary affairs of officers or employees--Examination of affiliated companies or corporations.

51A-6A-33    Examination expenses paid by trust companies--Fees.

51A-6A-34    Annual report of trust company to director--Form of report--Request for additional reports.

51A-6A-35    Authority of trust company revoked upon obstruction or interference with, or refusal to submit to, examination of director.

51A-6A-36    Service of notice of charges--Contents of notice--Temporary cease and desist order.

51A-6A-37    Revocation of franchise for failure to comply with lawful requirements.

51A-6A-38    Hearing on revocation of trust authority.

51A-6A-39    Confidentiality of information generated by examination--Disclosure--Hearing.

51A-6A-40    Correction of unsafe or unsound condition or operation--Appointment of special assistant--Appeal of appointment.

51A-6A-41    Insolvency defined.

51A-6A-42    Director to take charge of insolvent trust company--Appointment of special assistant.

51A-6A-43    Plan for reorganization of insolvent trust company.

51A-6A-44    Appointment of receiver--Bond--Qualifications--Report--Removal.

51A-6A-45    Powers and duties of receiver--Order of payment of liabilities.

51A-6A-45.1    Liability of receiver.

51A-6A-46    Periodic examination of trust company in the hands of a receiver.

51A-6A-46.1    Suspension, liquidation, order against unsound practice, removal of director or officer, or injunction.

51A-6A-46.2    Disclosure of confidential information in certain actions.

51A-6A-47    Acquisition of trust company--Notice to director--Approval--Order of disapproval--Hearing.

51A-6A-48    Contents of notice of proposed acquisition.

51A-6A-49    Reason for disapproval of acquisition.

51A-6A-50    Procedure for merger, consolidation, conversion, or transfer of assets and liabilities to another bank or trust company.

51A-6A-50.1    Proceedings to legally dissolve charter of acquired, merged, or consolidated trust company.

51A-6A-51    Necessity of execution or delivery of deed for merger or consolidation.

51A-6A-52    Fiduciary capacity of successor trust company.

51A-6A-53    Name of trust company--Name change.

51A-6A-54    Approval required for changing place of business--Examination and investigation by director.

51A-6A-55    51A-6A-55 to 51A-6A-57. Repealed by SL 2013, ch 239, §§ 8 to 10.

51A-6A-58    Establishment of trust service offices--Application.

51A-6A-59    51A-6A-59, 51A-6A-60. Repealed by SL 2008, ch 258, §§ 12, 13.

51A-6A-61    Membership in federal reserve bank.

51A-6A-62    Depositing securities into federal reserve bank.

51A-6A-63    Registering investments in name of nominee--Liability of trust company.

51A-6A-64    Common trust funds and collective investment funds.

51A-6A-65    Repealed

51A-6A-66    Exclusion of entity from chapters 51A-5 and 51A-6A--Governing documents--Notice to director.

51A-6A-67    Trust company receivership and liquidation captive insurance company fund.