South Dakota Codified Laws
Chapter 06A - Creation Of Trust Companies
Section 51A-6A-61 - Membership in federal reserve bank.

South Dakota Codified Laws

Title 51A - Banks and Banking

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-5.1 - Notice to division of material omission in application or change in facts reported in application.

Section 51A-6A-6 - Application fee.

Section 51A-6A-7 - Organization of public and private trust companies--Submission and approval of articles--Required information.

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-11.1 - Public trust companies to maintain office and perform trust administration in South Dakota.

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-17 - Persons convicted of certain crimes ineligible to serve as board member, officer, or key employee--Civil penalty--Criminal background investigation.

Section 51A-6A-19 - Determining capital--Minimum--Purpose of capital--Fidelity bond and liability insurance policy.

Section 51A-6A-19.1 - Additional capital requirements--Safety and soundness factors to be considered--Effective date of order--Hearing.

Section 51A-6A-19.2 - Investments pledged to division for security of trust creditors of trust company--Amount--Income from investments--Pledge increase--Hearing.

Section 51A-6A-19.3 - Pledge available to satisfy claims upon liquidation, abandonment of trust powers, or resignation.

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-30 - Retention of records--Promulgation of rules--Reproduction of records--Duty of confidentiality.

Section 51A-6A-31 - Periodic examination of trust company--Report of examination--Cooperative, coordinating and information-sharing agreements among agencies.

Section 51A-6A-32 - Examination of fiduciary affairs of officers or employees--Examination of affiliated companies or corporations.

Section 51A-6A-33 - Examination expenses paid by trust companies--Fees.

Section 51A-6A-34 - Annual report of trust company to director--Form of report--Request for additional reports.

Section 51A-6A-35 - Authority of trust company revoked upon obstruction or interference with, or refusal to submit to, examination of director.

Section 51A-6A-36 - Service of notice of charges--Contents of notice--Temporary cease and desist order.

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-40 - Correction of unsafe or unsound condition or operation--Appointment of special assistant--Appeal of appointment.

Section 51A-6A-41 - Insolvency defined.

Section 51A-6A-42 - Director to take charge of insolvent trust company--Appointment of special assistant.

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-46.1 - Suspension, liquidation, order against unsound practice, removal of director or officer, or injunction.

Section 51A-6A-46.2 - Disclosure of confidential information in certain actions.

Section 51A-6A-47 - Acquisition of trust company--Notice to director--Approval--Order of disapproval--Hearing.

Section 51A-6A-48 - Contents of notice of proposed acquisition.

Section 51A-6A-49 - Reason for disapproval of acquisition.

Section 51A-6A-50 - Procedure for merger, consolidation, conversion, or transfer of assets and liabilities to another bank or trust company.

Section 51A-6A-50.1 - Proceedings to legally dissolve charter of acquired, merged, or consolidated trust company.

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-54 - Approval required for changing place of business--Examination and investigation by director.

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-66 - Exclusion of entity from chapters 51A-5 and 51A-6A--Governing documents--Notice to director.

Section 51A-6A-67 - Trust company receivership and liquidation captive insurance company fund.