Statutes, codes, and regulations
South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 5 - TRUST BUSINESS OF BANKS
Section 51A-5-6 - National banks' authority to engage in trust business-Examination of trust business-Acceptance of federal examination

S.D. Codified Laws § 51A-5-6

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Current through the 2024 Legislative Session
Section 51A-5-6 - National banks' authority to engage in trust business-Examination of trust business-Acceptance of federal examination

It is lawful for any national bank to engage in trust business in this state to the extent authorized by the laws of the United States, without incorporating or organizing under the laws of this state, but a national bank shall otherwise comply with and be subject to all laws of this state which are applicable to state banks engaged in trust business including such examinations as may be deemed necessary, except that the authority of the commission and the director shall apply to their trust business only. The director may accept in lieu of an examination conducted under the director's direction, any report of examination conducted by the appropriate federal regulatory agency.

SDCL 51A-5-6

SL 1915, ch 105; RC 1919, § 8985; SL 1929, ch 76; SDC 1939, § 6.0503; SDCL, § 51-7-3; SL 1969, ch 11, § 5.4; SL 1970, ch 265, § 37; SL 1988, ch 377, § 113; SDCL, § 51-19-5; SL 2004, ch 289, §10.