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.