§ 51A-6A-1 Definitions
§ 51A-6A-2 Confidential information
§ 51A-6A-3 “Community” defined
§ 51A-6A-4 Application for incorporation–Approval procedure–Emergency procedure
§ 51A-6A-5 Considerations in ruling on application-Proceedings on application
§ 51A-6A-5.1 Notice to division of material omission in application or change in facts reported in application
§ 51A-6A-6 Application fee
§ 51A-6A-7 Organization of public and private trust companies–Submission and approval of articles–Required information
§ 51A-6A-7.1 Corporation laws applied
§ 51A-6A-8 Amendment of articles–Extension of existence
§ 51A-6A-9 Starting date of trust company existence–Commencement of business
§ 51A-6A-10 Statement of payment of capital–Certificate of organization
§ 51A-6A-11 Authority to transact business required–Violation as misdemeanor
§ 51A-6A-11.1 Public trust companies to maintain office and perform trust administration in South Dakota
§ 51A-6A-11.2 Office space requirements
§ 51A-6A-11.3 Approval of other office space requirements
§ 51A-6A-12 List of owners–Annual submission to director–Verification of list
§ 51A-6A-13 Governing board–Membership–Election–Vacancies
§ 51A-6A-14 Officers of governing board–Bond required
§ 51A-6A-15 Meetings of governing board–Examination and audit of books and records
§ 51A-6A-16 Oath of board members
§ 51A-6A-17 Persons convicted of certain crimes ineligible to serve as board member, officer, or key employee–Civil penalty–Criminal background investigation
§ 51A-6A-19 Determining capital–Minimum–Purpose of capital–Fidelity bond and liability insurance policy
§ 51A-6A-19.1 Additional capital requirements–Safety and soundness factors to be considered–Effective date of order–Hearing
§ 51A-6A-19.2 Investments pledged to division for security of trust creditors of trust company–Amount–Income from investments–Pledge increase–Hearing
§ 51A-6A-19.3 Pledge available to satisfy claims upon liquidation, abandonment of trust powers, or resignation
§ 51A-6A-20 Payment of subscriptions–Reduction of common stock
§ 51A-6A-21 Transferring stock and ownership units
§ 51A-6A-22 Increasing capital stock or ownership units
§ 51A-6A-23 Registration of capital stock or ownership units
§ 51A-6A-24 Issuance and retirement of preferred stock
§ 51A-6A-25 Rights and liability of preferred stockholders–Dividends
§ 51A-6A-26 Issuance of convertible or nonconvertible capital notes or debentures
§ 51A-6A-27 Dividends not permitted from required capital
§ 51A-6A-28 Dividends from undivided profits or surplus
§ 51A-6A-29 Powers of trust company
§ 51A-6A-29.1 Permissible business of trust companies
§ 51A-6A-30 Retention of records–Promulgation of rules–Reproduction of records–Duty of confidentiality
§ 51A-6A-31 Periodic examination of trust company–Report of examination–Cooperative, coordinating and information-sharing agreements among agencies
§ 51A-6A-32 Examination of fiduciary affairs of officers or employees–Examination of affiliated companies or corporations
§ 51A-6A-33 Examination expenses paid by trust companies–Fees
§ 51A-6A-34 Annual report of trust company to director–Form of report–Request for additional reports
§ 51A-6A-35 Authority of trust company revoked upon obstruction or interference with, or refusal to submit to, examination of director
§ 51A-6A-36 Service of notice of charges–Contents of notice–Temporary cease and desist order
§ 51A-6A-37 Revocation of franchise for failure to comply with lawful requirements
§ 51A-6A-38 Hearing on revocation of trust authority
§ 51A-6A-39 Confidentiality of information generated by examination–Disclosure–Hearing
§ 51A-6A-40 Correction of unsafe or unsound condition or operation–Appointment of special assistant–Appeal of appointment
§ 51A-6A-41 Insolvency defined
§ 51A-6A-42 Director to take charge of insolvent trust company–Appointment of special assistant
§ 51A-6A-43 Plan for reorganization of insolvent trust company
§ 51A-6A-44 Appointment of receiver–Bond–Qualifications–Report–Removal
§ 51A-6A-45 Powers and duties of receiver–Order of payment of liabilities
§ 51A-6A-45.1 Liability of receiver
§ 51A-6A-46 Periodic examination of trust company in the hands of a receiver
§ 51A-6A-46.1 Suspension, liquidation, order against unsound practice, removal of director or officer, or injunction
§ 51A-6A-46.2 Disclosure of confidential information in certain actions
§ 51A-6A-47 Acquisition of trust company–Notice to director–Approval–Order of disapproval–Hearing
§ 51A-6A-48 Contents of notice of proposed acquisition
§ 51A-6A-49 Reason for disapproval of acquisition
§ 51A-6A-50 Procedure for merger, consolidation, conversion, or transfer of assets and liabilities to another bank or trust company
§ 51A-6A-50.1 Proceedings to legally dissolve charter of acquired, merged, or consolidated trust company
§ 51A-6A-51 Necessity of execution or delivery of deed for merger or consolidation
§ 51A-6A-52 Fiduciary capacity of successor trust company
§ 51A-6A-53 Name of trust company–Name change
§ 51A-6A-54 Approval required for changing place of business–Examination and investigation by director
§ 51A-6A-58 Establishment of trust service offices–Application
§ 51A-6A-61 Membership in federal reserve bank
§ 51A-6A-62 Depositing securities into federal reserve bank
§ 51A-6A-63 Registering investments in name of nominee–Liability of trust company
§ 51A-6A-64 Common trust funds and collective investment funds
§ 51A-6A-67 Trust company receivership and liquidation captive insurance company fund
§ 51A-6A-66 Exclusion of entity from chapters 51A-5, 51A-6, and 51A-6A–Governingdocuments–Notice to director
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Terms Used In South Dakota Codified Laws > Title 51A > Chapter 6A - Creation of Trust Companies

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2