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51A-6A-11.1 Public trust companies to maintain office and perform trust administration in South Dakota...
     51A-6A-11.1.   Public trust companies to maintain office and perform trust administration in South Dakota. A 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 governing board meetings with a quorum physically present in South Dakota annually;
             (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.
     Each public trust company chartered in South Dakota prior to July 1, 2012, shall meet the requirements of this section no later than July 1, 2015, unless the director grants an extension of up to twenty-four months upon a showing of good faith effort. A public trust company seeking an extension of time shall include in its application to the director the reasons for any delay and a detailed time line for expected compliance with this section.
     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.

Source: SL 2010, ch 232, § 18; SL 2012, ch 233, § 2.


Chapter 51A-6A

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