South Dakota § 51A-5-6 National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination.

South Dakota Statutes

§ 51A-5-6 — National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-2 TRUST BUSINESS OF BANKS

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.

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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.

South Dakota § 51A-5-6 (National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

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.