51A-6A-15. Meetings of governing board--Examination and audit of books and records.
The governing board shall hold at least four regular meetings each year, at least one of which shall be held during each calendar quarter. Unless otherwise provided in the trust company's organizational documents, the governing board or an authorized committee may conduct, or permit any member to participate in, a regular or special meeting through the use of any means of communication by which all members participating may simultaneously hear each other during the meeting. A member participating in a meeting by this means is considered present in person at the meeting. The governing board or an auditor selected by them shall make a thorough examination of the books, records, funds, and securities held by the trust company at each of the quarterly meetings. The result of the examination shall be recorded in detail. If the governing board selects an auditor, the auditor's findings shall be reported directly to the governing board. In lieu of the required four quarterly examinations, the governing board may accept one annual audit by a certified public accountant or an independent auditor approved by the director.
The provisions of this section do not alter, amend, or change the requirement of a public trust company to hold no less than two quarterly governing board meetings with a majority physically present in South Dakota each calendar year pursuant to §51A-6A-11.1.
Source: SL 1995, ch 268, §12; SL 2016, ch 231, §7.
Structure South Dakota Codified Laws
Chapter 06A - Creation Of Trust Companies
Section 51A-6A-1 - Definitions.
Section 51A-6A-2 - Confidential information.
Section 51A-6A-3 - "Community" defined.
Section 51A-6A-4 - Application for incorporation--Approval procedure--Emergency procedure.
Section 51A-6A-5 - Considerations in ruling on application-Proceedings on application.
Section 51A-6A-6 - Application fee.
Section 51A-6A-7.1 - Corporation laws applied.
Section 51A-6A-8 - Amendment of articles--Extension of existence.
Section 51A-6A-9 - Starting date of trust company existence--Commencement of business.
Section 51A-6A-10 - Statement of payment of capital--Certificate of organization.
Section 51A-6A-11 - Authority to transact business required--Violation as misdemeanor.
Section 51A-6A-11.2 - Office space requirements.
Section 51A-6A-11.3 - Approval of other office space requirements.
Section 51A-6A-12 - List of owners--Annual submission to director--Verification of list.
Section 51A-6A-13 - Governing board--Membership--Election--Vacancies.
Section 51A-6A-14 - Officers of governing board--Bond required.
Section 51A-6A-15 - Meetings of governing board--Examination and audit of books and records.
Section 51A-6A-16 - Oath of board members.
Section 51A-6A-20 - Payment of subscriptions--Reduction of common stock.
Section 51A-6A-21 - Transferring stock and ownership units.
Section 51A-6A-22 - Increasing capital stock or ownership units.
Section 51A-6A-23 - Registration of capital stock or ownership units.
Section 51A-6A-24 - Issuance and retirement of preferred stock.
Section 51A-6A-25 - Rights and liability of preferred stockholders--Dividends.
Section 51A-6A-26 - Issuance of convertible or nonconvertible capital notes or debentures.
Section 51A-6A-27 - Dividends not permitted from required capital.
Section 51A-6A-28 - Dividends from undivided profits or surplus.
Section 51A-6A-29 - Powers of trust company.
Section 51A-6A-29.1 - Permissible business of trust companies.
Section 51A-6A-33 - Examination expenses paid by trust companies--Fees.
Section 51A-6A-37 - Revocation of franchise for failure to comply with lawful requirements.
Section 51A-6A-38 - Hearing on revocation of trust authority.
Section 51A-6A-39 - Confidentiality of information generated by examination--Disclosure--Hearing.
Section 51A-6A-41 - Insolvency defined.
Section 51A-6A-43 - Plan for reorganization of insolvent trust company.
Section 51A-6A-44 - Appointment of receiver--Bond--Qualifications--Report--Removal.
Section 51A-6A-45 - Powers and duties of receiver--Order of payment of liabilities.
Section 51A-6A-45.1 - Liability of receiver.
Section 51A-6A-46 - Periodic examination of trust company in the hands of a receiver.
Section 51A-6A-46.2 - Disclosure of confidential information in certain actions.
Section 51A-6A-48 - Contents of notice of proposed acquisition.
Section 51A-6A-49 - Reason for disapproval of acquisition.
Section 51A-6A-51 - Necessity of execution or delivery of deed for merger or consolidation.
Section 51A-6A-52 - Fiduciary capacity of successor trust company.
Section 51A-6A-53 - Name of trust company--Name change.
Section 51A-6A-58 - Establishment of trust service offices--Application.
Section 51A-6A-61 - Membership in federal reserve bank.
Section 51A-6A-62 - Depositing securities into federal reserve bank.
Section 51A-6A-63 - Registering investments in name of nominee--Liability of trust company.
Section 51A-6A-64 - Common trust funds and collective investment funds.
Section 51A-6A-67 - Trust company receivership and liquidation captive insurance company fund.