reglab/housing_qa huggingface dataset:
SD Codified L § 51A-6A-10 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-10 - Statement of payment of capital--Certificate of organization.

51A-6A-10. Statement of payment of capital--Certificate of organization.When the capital of any trust company is paid in, the president or cashier shall transmit to the director a verified statement showing the names and addresses of all owners, the amount of stock or units each subscribed, and the amount paid in by each. The director shall review each trust company as to the amount of money paid in for capital and surplus, by whom the amounts were paid, the amount of capital stock or units owned in good faith by each owner, and whether the trust company has complied with the law. If the director determines that the trust company has been organized as required by law, has complied with the law, and has secured the required approval, the director shall issue a certificate stating that the trust company has been organized and its capital paid in as required by law, and that the trust company is authorized to transact trust business. Source: SL 1995, ch 268, §7; SL 2008, ch 258, §7; SL 2019, ch 205, §1.
SD Codified L § 51A-6A-11 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-11 - Authority to transact business required--Violation as misdemeanor.

51A-6A-11. Authority to transact business required--Violation as misdemeanor.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. Source: SL 1995, ch 268, §8.
SD Codified L § 51A-6A-11.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-11.1 - Public trust companies to maintain office and perform trust administration in South Dakota.

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.
SD Codified L § 51A-6A-11.2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-11.2 - Office space requirements.

51A-6A-11.2. Office space requirements.For purposes of §51A-6A-11.1, office space in South Dakota for each public trust company shall:(1)Be in premises distinct and divided from the office space of any other entity;(2)Have the name, charter, and certificate of authority of the trust company prominently displayed;(3)Have access to premises in or adjacent to the office space sufficient to facilitate onsite examinations by the division;(4)To the extent the trust company maintains hard copies of any documents required to be maintained pursuant to §51A-6A-30, have a secure fireproof file cabinet that contains all such hard copies; and(5)To the extent the trust company maintains any record electronically, have a secure computer terminal or other secure electronic device that provides access to such records, including account information, as necessary to facilitate an efficient and effective examination.For public trust companies chartered in South Dakota prior to July 1, 2016, the division shall determine full compliance with the provisions of this section at the first regular examination after June 30, 2018. Source: SL 2016, ch 231, §5.
SD Codified L § 51A-6A-11.3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-11.3 - Approval of other office space requirements.

51A-6A-11.3. Approval of other office space requirements.Upon application by a trust company, the director may approve office space that does not meet the requirements of §51A-6A-11.2 if the director determines the nature and degree of risks presented by the trust company are low based upon a review of the size, nature, and number of accounts administered by the trust company, the structure and business plan of the trust company approved by the division, and the number of employees or persons performing services for the trust company in South Dakota.If the size, risk profile, or rate of growth of a trust company changes, or if a trust company's office space is insufficient to facilitate onsite examinations by the division, the director may impose additional office space requirements. Source: SL 2016, ch 231, §6.
SD Codified L § 51A-6A-12 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-12 - List of owners--Annual submission to director--Verification of list.

51A-6A-12. List of owners--Annual submission to director--Verification of list.Every trust company shall keep a full and correct list of names and addresses of all of its owners and the number of shares owned by each. This list of owners shall be kept and maintained in the office where its business is transacted, and during the business hours of the trust company, the list is subject to the inspection of all owners. The president or cashier of any trust company shall submit to the director on or before the thirty-first day of January of each year a list of owners as of the first day of the calendar year. The president or cashier shall verify the correctness of the list under oath. Source: SL 1995, ch 268, §9.
SD Codified L § 51A-6A-13 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-13 - Governing board--Membership--Election--Vacancies.

51A-6A-13. Governing board--Membership--Election--Vacancies.The business of any trust company shall be managed and controlled by its governing board and includes the authority to provide for bonus payments, in addition to ordinary compensation, for any of its officers and employees. The governing board of a private trust company shall consist of not less than three nor more than twelve members, all of whom shall be elected by the owners of the trust company at any regular annual meeting, with terms not to exceed three years. The governing board of a public trust company shall consist of not less than five nor more than twelve members, all of whom shall be elected by the owners of the trust company at any regular meeting held during each calendar year. If the number of board members elected is less than twelve, the number of board members may be increased so long as the total number does not exceed twelve. If the number is increased, the first additional board members may be elected at a special meeting of the owners. The board members shall be elected and any vacancies filled in the manner as provided in the provisions regarding general corporations or limited liability companies, as applicable. At all times one of the directors shall be a resident of this state and at least one-half of the directors shall be citizens of the United States. Any board member of any trust company who becomes indebted to the trust company on any judgment forfeits the position of board member, and the vacancy shall be filled as provided by law. Source: SL 1995, ch 268, §10; SL 1998, ch 282, §32; SL 2006, ch 243, §11; SL 2007, ch 276, §1; SL 2009, ch 252, §1; SL 2011, ch 212, §11; SL 2015, ch 240, §4.
SD Codified L § 51A-6A-14 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-14 - Officers of governing board--Bond required.

51A-6A-14. Officers of governing board--Bond required.The governing board may elect a chairperson, a president, one or more vice presidents, a secretary, and a cashier. The office of president and cashier may not be filled by the same person. The officers shall hold their offices for a term not to exceed one year and until their successors are elected and qualified. The governing board shall require all officers and employees having the care or handling of the funds of the trust company to give a good and sufficient bond to be executed by an approved corporate surety authorized to do business in this state. The amount and form of the bond shall be approved by the governing board and the director, and it shall be held by the director. The costs of the bonds shall be paid by the trust company. Any officer who becomes indebted to the trust company on any judgment shall forfeit the office and the governing board shall fill the vacancy. Source: SL 1995, ch 268, §11.
SD Codified L § 51A-6A-15 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-15 - Meetings of governing board--Examination and audit of books and records.

51A-6A-15. Meetings of governing board--Examination and audit of books and records.The governing board shall hold at least four regular meetings each year, at least one of which shall be held during each calendar quarter. Unless otherwise provided in the trust company's organizational documents, the governing board or an authorized committee may conduct, or permit any member to participate in, a regular or special meeting through the use of any means of communication by which all members participating may simultaneously hear each other during the meeting. A member participating in a meeting by this means is considered present in person at the meeting. The governing board or an auditor selected by them shall make a thorough examination of the books, records, funds, and securities held by the trust company at each of the quarterly meetings. The result of the examination shall be recorded in detail. If the governing board selects an auditor, the auditor's findings shall be reported directly to the governing board. In lieu of the required four quarterly examinations, the governing board may accept one annual audit by a certified public accountant or an independent auditor approved by the director.The provisions of this section do not alter, amend, or change the requirement of a public trust company to hold no less than two quarterly governing board meetings with a majority physically present in South Dakota each calendar year pursuant to §51A-6A-11.1. Source: SL 1995, ch 268, §12; SL 2016, ch 231, §7.
SD Codified L § 51A-6A-16 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-16 - Oath of board members.

51A-6A-16. Oath of board members.Each board member shall take and subscribe an oath that the member will administer the affairs of the trust company diligently and honestly and that the member will not knowingly or willfully permit any of the laws relating to trust companies to be violated. Source: SL 1995, ch 268, §14.
SD Codified L § 51A-6A-19 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-19 - Determining capital--Minimum--Purpose of capital--Fidelity bond and liability insurance policy.

51A-6A-19. Determining capital--Minimum--Purpose of capital--Fidelity bond and liability insurance policy.For purposes of this section, the capital of a trust company is the total of the aggregate par value of its outstanding shares of capital stock or ownership units, its surplus, and its undivided profits. The minimum capital of a trust company is two hundred thousand dollars. The director may require that the trust company have more capital than the amount specified if the director determines that the amount and character of the anticipated business of the trust company and the safety of the customers so require. This chapter recognizes that capital for a trust company serves a different purpose than does capital for a bank. It is not intended that capital requirements for trust companies be judged by the same standards as banks. Basic protection for fiduciary clients of a trust company shall be provided by the purchase of a fidelity bond and a director's and officer's liability insurance policy. The bond and insurance shall be in an amount of not less than one million dollars each. The trust company shall give notice of cancellation or nonrenewal of the bond or insurance policy to the director within ten days of the receipt of cancellation or nonrenewal. Except as may be provided elsewhere in this chapter, no trust company may reduce voluntarily its capital stock or ownership units or surplus below the amount required in this section. Source: SL 1995, ch 268, §17; SL 2002, ch 220, §2; SL 2006, ch 243, §2; SL 2008, ch 258, §8; SL 2013, ch 239, §3.
SD Codified L § 51A-6A-19.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-19.1 - Additional capital requirements--Safety and soundness factors to be considered--Effective date of order--Hearing.

51A-6A-19.1. Additional capital requirements--Safety and soundness factors to be considered--Effective date of order--Hearing.The director may require additional capital for an existing trust company if the director finds the condition and operations of an existing trust company requires additional capital consistent with the safety and soundness of the trust company. The safety and soundness factors to be considered by the director in the exercise of such discretion include:(1)The nature and type of business conducted;(2)The nature and degree of liquidity in assets held in a corporate capacity;(3)The amount of fiduciary assets under management or administration;(4)The type of fiduciary assets held and the depository of such assets;(5)The complexity of fiduciary duties and degree of discretion undertaken;(6)The competence and experience of management;(7)The extent and adequacy of internal controls;(8)The presence or absence of annual unqualified audits by an independent certified public accountant;(9)The reasonableness of business plans for retaining or acquiring additional capital;(10)The existence and adequacy of insurance obtained or held by the trust company for the purpose of protecting its clients, beneficiaries, and grantors; and(11)Any other factor deemed relevant by the director.The proposed effective date of an order requiring an existing trust company to increase its capital must be stated in the order as on or after the thirty-first day after the date of the proposed order. Unless the trust company requests a hearing before the commission in writing before the effective date of the proposed order, the order becomes effective and is final. Any hearing before the commission shall be held pursuant to chapter 1-26. Source: SL 2010, ch 232, §20.
SD Codified L § 51A-6A-19.3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-19.3 - Pledge available to satisfy claims upon liquidation, abandonment of trust powers, or resignation.

51A-6A-19.3. Pledge available to satisfy claims upon liquidation, abandonment of trust powers, or resignation.Upon liquidation, abandonment of trust powers, or resignation from all duties exercised pursuant to §51A-6A-29, the pledge required by §51A-6A-19. 2 shall be made available for the reasonable satisfaction of claims involving trust company accounts. Any surplus remaining after the satisfaction of all such claims and costs incurred by the division shall be returned to the trust company. Unless the division has reason to believe that claims are forthcoming, the division shall release any pledge no later than twelve months from the date all affected accounts are moved to a successor trustee, custodian, or administrator. Source: SL 2013, ch 239, §2.
SD Codified L § 51A-6A-20 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-20 - Payment of subscriptions--Reduction of common stock.

51A-6A-20. Payment of subscriptions--Reduction of common stock.All subscriptions to the stock or ownership units shall be paid in cash. If a trust company in corporate form reduces its common stock and issues preferred stock in lieu of the reduction, it may reduce the par value of the common stock in the proportion that the total amount of capital stock is reduced, but when the preferred stock is retired the par value of the common shares shall be restored. Source: SL 1995, ch 268, §18; SL 2012, ch 252, §17.
SD Codified L § 51A-6A-21 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-21 - Transferring stock and ownership units.

51A-6A-21. Transferring stock and ownership units.The shares of stock and ownership units of any trust company are personal property and shall be transferred on the books of the trust company in such manner as the bylaws or operating regulations of the trust company may direct. No stock or ownership units may be transferred on the books of the trust company when the trust company is in a failing condition, or when its capital is impaired, except upon approval of the director. If a transfer of shares of stock of any trust company, or holding company that owns a majority of the outstanding shares of a trust company, occurs which results through direct or indirect ownership by a stockholder or an affiliated group of stockholders of ten percent or more of the outstanding stock of the trust company, or holding company that owns a majority of the outstanding shares of a trust company, and if additional shares of stock of the trust company are transferred to such stockholders, affiliated group of stockholders, or holding company, the president or other chief executive officer of the trust company shall report the transfer to the director within ten days after transfer of the shares of stock on the books of the trust company. Source: SL 1995, ch 268, §19; SL 2013, ch 239, §4.
SD Codified L § 51A-6A-22 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-22 - Increasing capital stock or ownership units.

51A-6A-22. Increasing capital stock or ownership units.The capital stock or ownership units of any trust company may be increased. The president and cashier shall forward a verified statement to the director showing the amount of the increase, the names and addresses of the subscribers, the amount subscribed by each, and that the same had been paid in full to the trust company. The date and amount of the increase also shall be certified to the secretary of state. Source: SL 1995, ch 268, §20.
SD Codified L § 51A-6A-23 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-23 - Registration of capital stock or ownership units.

51A-6A-23. Registration of capital stock or ownership units.If the director determines that the capital stock of any trust company is impaired, the director shall notify the trust company to restore the capital stock or ownership units within ninety days of receipt of the notice. Within fifteen days of receipt of the notice, the governing board of the trust company shall levy an assessment on the owners sufficient to restore the capital stock or ownership units. The trust company, with its governing board's approval, may reduce its capital stock or ownership units to the extent of the impairment, if such reduction will not reduce the capital below the amount required by this chapter. Source: SL 1995, ch 268, §21.
SD Codified L § 51A-6A-24 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-24 - Issuance and retirement of preferred stock.

51A-6A-24. Issuance and retirement of preferred stock.Any trust company in corporate form may issue preferred stock of one or more classes in amounts approved by the director. The holders of two-thirds of the common stock of the trust company shall approve the issuance at a meeting held for that purpose. Notice shall be given by registered mail to each stockholder at least five days before the date of the meeting under this section. An issuance of preferred stock is not valid until the par value of all stock so issued is paid in. Preferred stock may be retired only if the trust company is in compliance with the capital requirements under §51A-6A-19 following retirement of the preferred stock and if two-thirds of the holders of common stock of the trust company and the director approve the retirement. Source: SL 1995, ch 268, §22; SL 2012, ch 252, §18; SL 2019, ch 205, §3.
SD Codified L § 51A-6A-25 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-25 - Rights and liability of preferred stockholders--Dividends.

51A-6A-25. Rights and liability of preferred stockholders--Dividends.The holders of preferred stock are not liable for assessments to restore any impairment in the capital stock of a trust company. The holders of preferred stock are entitled to receive cumulative dividends, have voting and conversion rights, and have control of management, as may be provided in the articles of incorporation and upon the written approval of the director. The preferred stock shall be retired as provided in the articles of incorporation.No dividends may be declared or paid on common stock until all cumulative dividends, if any, on the preferred stock have been paid, and if the trust company is dissolved or placed in liquidation, no payments may be made to the holders of common stock until the holders of the preferred stock first have been paid in full for any sums due upon the preferred stock. Source: SL 1995, ch 268, §23.
SD Codified L § 51A-6A-26 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-26 - Issuance of convertible or nonconvertible capital notes or debentures.

51A-6A-26. Issuance of convertible or nonconvertible capital notes or debentures.In accordance with normal business considerations and upon approval of owners owning two-thirds of the voting stock or ownership units of the trust company, the trust company may issue convertible or nonconvertible capital notes or debentures in such amounts pursuant to terms and conditions as approved by the director. However, the principal amount of capital notes or debentures outstanding at any time may not exceed an amount equal to one hundred percent of the trust company's paid-in capital stock or ownership units plus fifty percent of the amount of its unimpaired surplus fund. Capital notes or debentures that are by their terms expressly subordinated to the prior payment in full of all liabilities of the trust company are part of the unimpaired capital funds of the trust company. Source: SL 1995, ch 268, §24; SL 2015, ch 239, §6.