South Dakota Codified Laws 51A-6A-11. Authority to transact business required–Violation as misdemeanor
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No individual, firm, or corporation may advertise, publish, or otherwise promulgate that they are engaged in the trust company business, or transact trust company business, without having first obtained authority from the director. Any individual or member of any firm or officer of any corporation violating this section shall be guilty of an unclassified misdemeanor, and upon conviction shall be punished by a fine not exceeding five thousand dollars.
Terms Used In South Dakota Codified Laws 51A-6A-11
- Conviction: A judgement of guilt against a criminal defendant.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Source: SL 1995, ch 268, § 8.