51A-6A-47. Acquisition of trust company--Notice to director--Approval--Order of disapproval--Hearing.
A person acquiring control through direct or indirect ownership by an owner or an affiliated group of owners shall give the director at least sixty days prior written notice of any proposed trust company acquisition. If the director does not issue an order disapproving the proposed acquisition within that time or extend the period during which a disapproval may be issued, the proposed acquisition is approved. The period for disapproval shall be thirty days after notice is received by the director and may be further extended only if the director determines that any acquiring person has not furnished all the information required under §51A-6A-48 or if in the director's judgment, any material information submitted is substantially inaccurate. An acquisition may be made prior to expiration of the disapproval period if the director issues written notice of the director's intent not to disapprove the action.
If the director disapproves an acquisition, the director shall serve the acquiring person with an order of disapproval. The order shall provide a statement of the basis for the disapproval. Within thirty days after service of an order of disapproval, the acquiring person may request a hearing on the proposed acquisition with the commission. Upon receipt of a timely request, the commission shall conduct a hearing in accordance with the provisions of chapter 1-26. Any disapproval by the commission of a proposed acquisition is subject to review in accordance with chapter 1-26.
Actual expenses incurred by the director or commission in carrying out any investigation that may be necessary or required by statute shall be paid by the person submitting the proposed acquisition.
Source: SL 1995, ch 268, §45; SL 2013, ch 239, §6.
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.