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

Cite asSDCL 51A-6A-11.1

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

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