51A-5-25. Approval or ratification of acceptance or relinquishment of fiduciary accounts by board of directors or committee.
No bank shall accept or voluntarily relinquish a fiduciary account without the approval or ratification of the board of directors, or a committee of officers or directors designated by the board for that purpose, but the board or the committee may prescribe general rules governing acceptance or relinquishment of fiduciary accounts, and action taken by an officer in accordance with these rules is sufficient approval.
Source: SL 1969, ch 11, §5.10; SDCL, §51-19-11.
Structure South Dakota Codified Laws
Chapter 05 - Trust Business Of Banks
Section 51A-5-1.1 - Powers of banks engaging in trust business.
Section 51A-5-1.2 - "Trust business" defined.
Section 51A-5-2 - Bank as trustee or custodian for retirement benefit plans.
Section 51A-5-3 - Fiduciary authority of bank authorized by charter to exercise trust powers.
Section 51A-5-11 - Investment powers of trust company.
Section 51A-5-12 - Voting of bank shares by cotrustee.
Section 51A-5-13 - Segregation of assets held by bank as fiduciary.
Section 51A-5-14 - Deposit of federally guaranteed securities with federal reserve bank.
Section 51A-5-15 - Records of depositor to show ownership of securities--Transfers by book entries.
Section 51A-5-16 - Custodian to certify deposited securities to fiduciary--Duty of fiduciary.
Section 51A-5-17 - Application of provisions to fiduciaries and custodians whenever appointed.
Section 51A-5-19 - Oath or bond not required of bank to qualify as fiduciary.
Section 51A-5-20 - Nominees used by bank acting as fiduciary or cofiduciary.
Section 51A-5-21 - Deposit in clearing corporation of securities held as fiduciary or custodian.
Section 51A-5-27 - Reports of committees designated to supervise fiduciary accounts.