51A-6A-29. Powers of trust company.
A trust company may exercise the following powers necessary or incidental to carrying on a trust company business, including:
(1)Act as agent, custodian, or attorney-in-fact for any person, and, in such capacity, take and hold property on deposit for safekeeping and act as general or special agent or attorney-in-fact in the acquisition, management, sale, assignment, transfer, encumbrance, conveyance, or other disposition of property, in the collection or disbursement of income from or principal of property, and generally in any matter incidental to any of the foregoing;
(2)Act as registrar or transfer agent for any corporation, partnership, association, limited liability company, municipality, state, or public authority, and in such capacity, receive and disburse money, transfer, register, and countersign certificates of stock, bonds, or other evidences of indebtedness or securities, and perform any acts which may be incidental thereto;
(3)Act as trustee or fiduciary under any mortgage or bond issued by a person;
(4)Act as trustee or fiduciary under any trust established by a person;
(5)Act as fiduciary, assignee for the benefit of creditors, receiver, or trustee under or pursuant to the order or direction of any court or public official of competent jurisdiction;
(6)Act as fiduciary, guardian, conservator, assignee, or receiver of the estate of any person and as executor of the last will and testament or administrator, fiduciary, or personal representative of the estate of any deceased person when appointed by a court or public official of competent jurisdiction;
(7)Establish and maintain common trust funds or collective investment funds pursuant to the provisions of chapter 55-6; or
(8)Act in any fiduciary capacity and perform any act as a fiduciary which a South Dakota bank with trust powers may perform in the exercise of those trust powers.
Source: SL 1995, ch 268, §27; SL 2011, ch 212, §21; SL 2014, ch 226, §1.
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.