South Dakota § 51A-6A-10 Statement of payment of capital--Certificate of organization.

South Dakota Statutes

§ 51A-6A-10 — Statement of payment of capital--Certificate of organization.

South Dakota § 51A-6A-10

Title 51ABANKS AND BANKING

Ch. 51A-6ACREATION OF TRUST COMPANIES

This text of South Dakota § 51A-6A-10 (Statement of payment of capital--Certificate of organization.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 51A-6A-10 (2026).

Text

When the capital of any trust company is paid in, the president or cashier shall transmit to the director a verified statement showing the names and addresses of all owners, the amount of stock or units each subscribed, and the amount paid in by each. The director shall review each trust company as to the amount of money paid in for capital and surplus,  by whom the amounts were paid, the amount of capital stock or units owned in good faith by each owner, and whether the trust company has complied with the law. If the director determines that the trust company has been organized as required by law, has complied with the law, and has secured the required approval, the director shall issue a certificate stating that the trust company has been organized and its capital paid in as required by 

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When the capital of any trust company is paid in, the president or cashier shall transmit to the director a verified statement showing the names and addresses of all owners, the amount of stock or units each subscribed, and the amount paid in by each. The director shall review each trust company as to the amount of money paid in for capital and surplus, by whom the amounts were paid, the amount of capital stock or units owned in good faith by each owner, and whether the trust company has complied with the law. If the director determines that the trust company has been organized as required by law, has complied with the law, and has secured the required approval, the director shall issue a certificate stating that the trust company has been organized and its capital paid in as required by law, and that the trust company is authorized to transact trust business.