§ 51a-6a-11-1

51A-6A-11.1. Public trust companies to maintain office and perform trust administration in South Dakota.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. Source: SL 2010, ch 232, §18; SL 2012, ch 233, §2; SL 2015, ch 240, §3; SL 2016, ch 231, §4.