South Dakota § 51A-6A-9 Starting date of trust company existence--Commencement of business.

South Dakota Statutes

§ 51A-6A-9 — Starting date of trust company existence--Commencement of business.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-6A CREATION OF TRUST COMPANIES

The existence of any trust company shall date from the filing of its articles from which time it shall have and may exercise the incidental powers conferred by law upon corporations or limited liability companies, as applicable. However, no trust company may transact any business except the election of officers, the taking and approving of their official bonds, the receipts of payment upon stock subscriptions, and other business incidental to its organization, until it has secured the required approval and the authorization of the director to commence business.

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The existence of any trust company shall date from the filing of its articles from which time it shall have and may exercise the incidental powers conferred by law upon corporations or limited liability companies, as applicable. However, no trust company may transact any business except the election of officers, the taking and approving of their official bonds, the receipts of payment upon stock subscriptions, and other business incidental to its organization, until it has secured the required approval and the authorization of the director to commence business.

South Dakota § 51A-6A-9 (Starting date of trust company existence--Commencement of business.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.