South Dakota Codified Laws 51A-6A-50.1. Proceedings to legally dissolve charter of acquired, merged, or consolidated trust company
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If a trust company has been acquired, merged, or consolidated with another trust company or financial institution, or its assets have been purchased and its liabilities assumed by another trust company or financial institution, in any instance other than an emergency, within thirty days thereafter, the directors of the trust company shall institute proceedings to legally dissolve its charter in the same manner as provided for voluntary liquidation in chapter 51A-15. However, no notice need be given pursuant to § 51A-15-3.
Terms Used In South Dakota Codified Laws 51A-6A-50.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 2015, ch 240, § 8.