Section 51A-6A-11.1 - Public trust companies to maintain office and perform trust administration in South DakotaA public trust company shall:
(1) Maintain office space in South Dakota for trust company business and for the storage of, and access to, trust company records required by § 51A-6A-30;(2) Hold no less than two quarterly governing board meetings with a majority physically present in South Dakota each calendar year;(3) Employ, engage, or contract with at least one trust officer or key employee to provide services for the trust company in South Dakota related to the powers of the company in § 51A-6A-29 and to facilitate the examinations required by § 51A-6A-31; and(4) Perform trust administration in South Dakota.The commission may promulgate rules, pursuant to chapter 1-26, to establish additional guidelines regarding what constitutes trust administration in South Dakota for purposes of this section.
SL 2010, ch 232, §18; SL 2012, ch 233, §2; SL 2015, ch 240, §3; SL 2016, ch 231, §4.Amended by S.L. 2016, ch. 231,s. 4, eff. 7/1/2016.Amended by S.L. 2015, ch. 240,s. 3, eff. 7/1/2015.