South Dakota § 51A-6A-11.1 Public trust companies to maintain office and perform trust administration in South Dakota.

South Dakota Statutes

§ 51A-6A-11.1 — Public trust companies to maintain office and perform trust administration in South Dakota.

South Dakota § 51A-6A-11.1

Title 51ABANKS AND BANKING

Ch. 51A-6ACREATION OF TRUST COMPANIES

This text of South Dakota § 51A-6A-11.1 (Public trust companies to maintain office and perform trust administration in South Dakota.) 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-11.1 (2026).

Text

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 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 fo

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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 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.