51A-6A-31. Periodic examination of trust company--Report of examination--Cooperative, coordinating and information-sharing agreements among agencies.
The director shall examine each trust company at least once every thirty-six months or more frequently if the director considers it necessary to make a full and careful examination and inquiry into the condition of the affairs of the trust company. For purposes of the examination, the director may administer oaths and examine under oath the board members, officers, employees, and agents of any trust company. The examination shall be reduced to writing by the person making it, and the person's reports shall contain a full, true, and careful statement of the condition of the trust company. The director, in lieu of making a direct examination and inquiry at the trust company office, may examine the trust company in whole or in part by examining the trust company records or documents off-site. For an examination conducted wholly or partially off-site, the director may require production of any records or documents of the trust company at the director's office. The director shall provide a copy of the written examination report to the governing board of the trust company. Neither the director nor any employee of the Division of Banking may have any ownership interest in a trust company.
The director may examine an out-of-state trust institution's trust service offices either on- or off-site to determine whether such offices are being operated in compliance with the laws of this state and in accordance with safe and sound practices.
The director may enter into cooperative, coordinating, and information-sharing agreements with any other supervisory agency or any organization affiliated with or representing one or more supervisory agencies with respect to the periodic examination or other supervision of any trust company or out-of-state trust institution, and the director may accept such agency's or organization's report of examination or investigation in lieu of conducting an examination or investigation.
Source: SL 1995, ch 268, §29; SL 2006, ch 243, §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.