reglab/housing_qa huggingface dataset:
SD Codified L § 51A-6A-27 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-27 - Dividends not permitted from required capital.

51A-6A-27. Dividends not permitted from required capital.A trust company may not permit to be withdrawn, in the form of dividends, any portion of its capital required under §§51A-6A-19 and 51A-6A-19.1. Source: SL 1995, ch 268, §25; SL 2015, ch 240, §6; SL 2019, ch 205, §4.
SD Codified L § 51A-6A-28 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-28 - Dividends from undivided profits or surplus.

51A-6A-28. Dividends from undivided profits or surplus.The governing board of any trust company may declare dividends from undivided profits or surplus, if the trust company is in compliance with the capital requirements of §§51A-6A-19 and 51A-6A-19.1 following payment of the dividend and if the director approves any dividend to be paid from surplus. Source: SL 1995, ch 268, §26; SL 2019, ch 205, §5.
SD Codified L § 51A-6A-29 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-29 - Powers of trust company.

51A-6A-29. Powers of trust company.A trust company may exercise the following powers necessary or incidental to carrying on a trust company business, including:(1)Act as agent, custodian, or attorney-in-fact for any person, and, in such capacity, take and hold property on deposit for safekeeping and act as general or special agent or attorney-in-fact in the acquisition, management, sale, assignment, transfer, encumbrance, conveyance, or other disposition of property, in the collection or disbursement of income from or principal of property, and generally in any matter incidental to any of the foregoing;(2)Act as registrar or transfer agent for any corporation, partnership, association, limited liability company, municipality, state, or public authority, and in such capacity, receive and disburse money, transfer, register, and countersign certificates of stock, bonds, or other evidences of indebtedness or securities, and perform any acts which may be incidental thereto;(3)Act as trustee or fiduciary under any mortgage or bond issued by a person;(4)Act as trustee or fiduciary under any trust established by a person;(5)Act as fiduciary, assignee for the benefit of creditors, receiver, or trustee under or pursuant to the order or direction of any court or public official of competent jurisdiction;(6)Act as fiduciary, guardian, conservator, assignee, or receiver of the estate of any person and as executor of the last will and testament or administrator, fiduciary, or personal representative of the estate of any deceased person when appointed by a court or public official of competent jurisdiction;(7)Establish and maintain common trust funds or collective investment funds pursuant to the provisions of chapter 55-6; or(8)Act in any fiduciary capacity and perform any act as a fiduciary which a South Dakota bank with trust powers may perform in the exercise of those trust powers. Source: SL 1995, ch 268, §27; SL 2011, ch 212, §21; SL 2014, ch 226, §1.
SD Codified L § 51A-6A-29.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-29.1 - Permissible business of trust companies.

51A-6A-29.1. Permissible business of trust companies. A trust company may only carry on a trust company business, as provided in § 51A-6A-29, and such business as is incidental thereto. Source: SL 2021, ch 203, § 30.
SD Codified L § 51A-6A-30 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-30 - Retention of records--Promulgation of rules--Reproduction of records--Duty of confidentiality.

51A-6A-30. Retention of records--Promulgation of rules--Reproduction of records--Duty of confidentiality.A trust company shall retain its business records in accordance with the provisions of this section. Each trust company shall retain permanently the minute books of meetings of its owners and governing board, its capital stock and ownership unit ledger and capital stock or ownership unit certificate ledger or stubs, its general ledger or the record kept in lieu of a general ledger, its daily statements of condition, and all records which the director shall, in accordance with the provisions of this section, require to be retained permanently. All other records of a trust company shall be retained for such periods as the commission prescribes. The commission shall promulgate rules pursuant to chapter 1-26 classifying all records kept by trust companies, prescribing the period for which records of each class shall be retained, and requiring a record of destruction of records as the commission deems advisable. The periods may be permanent or for a term of years. Before adoption, amendment, or revocation of the rules the commission shall consider:(1)Actions and administrative proceedings in which the production of trust company records might be necessary or desirable;(2)State and federal statutes of limitation applicable to such actions or proceedings;(3)The availability of information contained in trust company records from other sources; and(4)Any other matters as the commission considers pertinent to the interest of customers and owners of trust companies and of the people of this state having the records available.Any trust company may destroy any record which has been retained for the period prescribed, in accordance with the terms of this section for retention of records of its class, and is, after it has destroyed a record, under no duty to produce the record.Instead of retention of the original records, any trust company may cause any of its records in its custody, including those held by it as a fiduciary, to be photographed or otherwise reproduced to permanent form. Any photograph or reproduction has the same force and effect as the original and may be admitted in evidence equally with the original.Any trust company may cause any transactions, information, and data occurring in the regular course of its operations to be recorded and maintained by electronic means. When the electronic records of the transactions, information, and data are converted to writing, the writings shall constitute the original records of the transactions, information, and data and have the force and effect of the original records.Nothing in this section may be construed to affect any duty of a trust company to preserve the confidentiality of its records. Source: SL 1995, ch 268, §28.
SD Codified L § 51A-6A-31 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-31 - Periodic examination of trust company--Report of examination--Cooperative, coordinating and information-sharing agreements among agencies.

51A-6A-31. Periodic examination of trust company--Report of examination--Cooperative, coordinating and information-sharing agreements among agencies.The director shall examine each trust company at least once every thirty-six months or more frequently if the director considers it necessary to make a full and careful examination and inquiry into the condition of the affairs of the trust company. For purposes of the examination, the director may administer oaths and examine under oath the board members, officers, employees, and agents of any trust company. The examination shall be reduced to writing by the person making it, and the person's reports shall contain a full, true, and careful statement of the condition of the trust company. The director, in lieu of making a direct examination and inquiry at the trust company office, may examine the trust company in whole or in part by examining the trust company records or documents off-site. For an examination conducted wholly or partially off-site, the director may require production of any records or documents of the trust company at the director's office. The director shall provide a copy of the written examination report to the governing board of the trust company. Neither the director nor any employee of the Division of Banking may have any ownership interest in a trust company.The director may examine an out-of-state trust institution's trust service offices either on- or off-site to determine whether such offices are being operated in compliance with the laws of this state and in accordance with safe and sound practices.The director may enter into cooperative, coordinating, and information-sharing agreements with any other supervisory agency or any organization affiliated with or representing one or more supervisory agencies with respect to the periodic examination or other supervision of any trust company or out-of-state trust institution, and the director may accept such agency's or organization's report of examination or investigation in lieu of conducting an examination or investigation. Source: SL 1995, ch 268, §29; SL 2006, ch 243, §1.
SD Codified L § 51A-6A-32 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-32 - Examination of fiduciary affairs of officers or employees--Examination of affiliated companies or corporations.

51A-6A-32. Examination of fiduciary affairs of officers or employees--Examination of affiliated companies or corporations.If upon the examination of any trust company, the director considers it necessary, the director may examine the fiduciary affairs of any officer or employee of any trust company; and upon similar determination, the director may examine any investment company or holding company or corporation that is affiliated with any trust company as to matters relevant to the safety and soundness of the trust company. Determinations by the director pursuant to this section are subject to review by the commission pursuant to chapter 1-26. Source: SL 1995, ch 268, §30; SL 2014, ch 226, §3.
SD Codified L § 51A-6A-33 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-33 - Examination expenses paid by trust companies--Fees.

51A-6A-33. Examination expenses paid by trust companies--Fees.The expense of every examination, together with the expense of administering the applicable laws, including salaries, travel expenses, supplies, and equipment, shall be paid by the trust companies of the state. A fee shall be imposed upon a trust company consistent with §51A-2-36. Source: SL 1995, ch 268, §31.
SD Codified L § 51A-6A-34 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-34 - Annual report of trust company to director--Form of report--Request for additional reports.

51A-6A-34. Annual report of trust company to director--Form of report--Request for additional reports.Each trust company shall make at least one report to the director during each year, at a time determined by the director. The director may require additional reports from each trust company if the director considers it advisable. The form of all the reports shall be prescribed by the director. If the director considers it necessary, the director may call upon any trust company for a report of its condition upon any given day. A copy of each request made by the director for a statement from all trust companies doing business under this chapter shall be mailed to each trust company. The copy of the request shall be considered to be legal notice to a trust company. Source: SL 1995, ch 268, §32.
SD Codified L § 51A-6A-35 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-35 - Authority of trust company revoked upon obstruction or interference with, or refusal to submit to, examination of director.

51A-6A-35. Authority of trust company revoked upon obstruction or interference with, or refusal to submit to, examination of director.If any officer of any trust company refuses to submit the books, records, papers, and instruments of the trust company to the examination and inspection of the director or in any manner obstruct or interfere with the examination and investigation of the trust company or refuse to be examined on oath concerning any of the affairs of the trust company, the director may revoke the authority of the trust company to transact business, and with the concurrence of the attorney general, may institute proceedings for the appointment of a receiver for the trust company. Source: SL 1995, ch 268, §33.
SD Codified L § 51A-6A-37 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-37 - Revocation of franchise for failure to comply with lawful requirements.

51A-6A-37. Revocation of franchise for failure to comply with lawful requirements.Any trust company which refuses or neglects to comply with any requirement lawfully made upon it by the director for a period of ninety days after demand in writing is made forfeits its franchise, and the director shall thereupon revoke its authority to transact business. The director shall give notice of the revocation to the president or other managing officer of the trust company. The attorney general, upon the request of the director, then shall begin action for the appointment of a receiver for the trust company and to dissolve the trust company. Source: SL 1995, ch 268, §35.
SD Codified L § 51A-6A-38 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-38 - Hearing on revocation of trust authority.

51A-6A-38. Hearing on revocation of trust authority.A trust company subject to revocation of trust authority shall be afforded the right to a hearing in accordance with the provisions of chapter 1-26. Any revocation of authority to transact trust business is subject to review in accordance with chapter 1-26. Source: SL 1995, ch 268, §36.
SD Codified L § 51A-6A-39 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-39 - Confidentiality of information generated by examination--Disclosure--Hearing.

51A-6A-39. Confidentiality of information generated by examination--Disclosure--Hearing.All information the director generates in making an investigation or examination of a state trust company is confidential. All confidential information shall remain the property of the division and shall be furnished to the trust company for its confidential use. Under no circumstances may a trust company disclose a report or any supporting documentation to anyone, other than directors and officers of the trust company or anyone acting in a fiduciary capacity for the trust company, without written permission from the director.The director shall give ten days' prior written notice of intent to disclose confidential information to the affected trust company. Any trust company which receives a notice may object to the disclosure of the confidential information and shall be afforded the right to a hearing in accordance with the provisions of chapter 1-26. If a trust company requests a hearing, the director may not reveal confidential information prior to the conclusion of the hearing and a ruling. Disclosure of confidential information shall be made only to formal regulatory bodies which clearly have a need for the confidential information. Prior to dissemination of any confidential information, the director shall require a written agreement not to reveal the confidential information by the party receiving the confidential information. In no event may the director disclose confidential information to the general public, any competitor, or any potential competitor of a trust company.The submission of any information to the division in the course of any investigation or examination may not be construed as waiving, destroying, or otherwise affecting any privilege any person may claim with respect to the information under South Dakota law or federal law. Source: SL 1995, ch 268, §37; SL 2008, ch 258, §9; SL 2012, ch 233, §3.
SD Codified L § 51A-6A-40 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-40 - Correction of unsafe or unsound condition or operation--Appointment of special assistant--Appeal of appointment.

51A-6A-40. Correction of unsafe or unsound condition or operation--Appointment of special assistant--Appeal of appointment.If the director determines that the business of any trust company is being conducted in an unsafe or unsound manner, the director may appoint a special assistant who shall immediately take charge of the operation of the trust company for the purpose of correcting any unsafe or unsound condition or operation. After appointment, the special assistant shall continue to serve under the direction of the director for a period of time as the director determines is reasonable and necessary or until relieved by order of the commission or of a court of competent jurisdiction. The special assistant's salary, which shall be determined by the director, and expenses shall be borne by the trust company under supervision. After an appointment of a special assistant, a trust company may, within thirty days from the date of the notice of the appointment, appeal in writing to the commission. If a trust company appeals, the commission shall fix a date for a hearing which shall be within thirty days from the date of the appeal. The hearing shall be conducted in accordance with the provisions of chapter 1-26. The commission shall render an order as to the correctness or incorrectness of the director's decision to take over the conduct of the trust company, and the order of such commission is subject to review under chapter 1-26. Source: SL 1995, ch 268, §38.
SD Codified L § 51A-6A-41 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-41 - Insolvency defined.

51A-6A-41. Insolvency defined.A trust company is insolvent if:(1)The actual cash market value of its assets is insufficient to pay its creditor liabilities except that for this purpose unconditional evidence of indebtedness of the United States of America may be valued, at the discretion of the director, at par, cost or fair market value, whichever is the lesser; or(2)It is unable to meet the demands of its creditors in the usual and customary manner. Source: SL 1995, ch 268, §39.
SD Codified L § 51A-6A-42 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-42 - Director to take charge of insolvent trust company--Appointment of special assistant.

51A-6A-42. Director to take charge of insolvent trust company--Appointment of special assistant.If it appears upon the examination of any trust company or from any report made to the director that any trust company is insolvent, the director shall take charge of the trust company and all of its property and assets. In so doing the director may appoint a special assistant to take charge temporarily of the affairs of the insolvent trust company until a receiver is appointed. The assistant shall qualify, give bond, and receive compensation the same as the regular examiner, but the compensation shall be paid by the insolvent trust company, or in case of the appointment of a receiver, allowed by the court as costs in the case. No trust company may continue in the charge of a special assistant for a longer period than six months. Source: SL 1995, ch 268, §40; SL 2012, ch 252, §19.
SD Codified L § 51A-6A-43 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-43 - Plan for reorganization of insolvent trust company.

51A-6A-43. Plan for reorganization of insolvent trust company.The owners of any insolvent trust company and its creditors may formulate a plan for the reorganization of the trust company while the trust company is in the charge of the director or a special assistant or a receiver at any time before a dividend has been paid. The creditors of the insolvent trust company may formulate a plan for the reorganization of the trust company. If the plan is subscribed to in writing by creditors having not less than eighty percent of the known claims against the trust company, a copy of the plan is filed with the director, and the director approves the plan, the plan is legal, valid, and binding upon all creditors of the insolvent trust company to the same extent and with the same effect as if all of the creditors had joined in the execution of the plan. Source: SL 1995, ch 268, §41; SL 2015, ch 239, §7.
SD Codified L § 51A-6A-44 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-44 - Appointment of receiver--Bond--Qualifications--Report--Removal.

51A-6A-44. Appointment of receiver--Bond--Qualifications--Report--Removal.When the director takes charge of any trust company, the director shall ascertain its actual condition as soon as possible by making a thorough investigation into its affairs and condition. If the director is satisfied that the trust company cannot resume business or liquidate its indebtedness to the satisfaction of its creditors, the director shall appoint a receiver and require the receiver to give such bond as the director considers proper. The director also shall fix reasonable compensation for the receiver, but the compensation for the receiver is subject to the approval of the circuit court of the county in which the trust company is located upon the application of any party in interest.Any receiver shall have had at least five years of experience with financial institutions. However, upon written application made within thirty days after the findings of insolvency, the director shall appoint as receiver any person whom the holders of more than sixty percent of the claims against the trust company agree upon in writing. The creditors may also agree upon the compensation and charges to be paid the receiver. Any receiver so appointed shall make a complete report to the director covering the receiver's acts and proceedings as a receiver. The director may remove for cause any receiver and appoint the receiver's successor. Source: SL 1995, ch 268, §42; SL 2005, ch 260, §10.
SD Codified L § 51A-6A-45 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-45 - Powers and duties of receiver--Order of payment of liabilities.

51A-6A-45. Powers and duties of receiver--Order of payment of liabilities.The receiver, under the direction of the director, shall take charge of any insolvent trust company and all of its assets and property and liquidate the affairs and business for the benefit of clients, creditors, and owners. The receiver may sell or compound all bad and doubtful debts and sell all the property of the trust company upon such terms as the circuit court of the county in which the trust company is located approves. The receiver shall pay over all moneys received to the creditors of the trust company as ordered by the director. In distributing assets of an insolvent trust company in payment of its liabilities, the order of payment, if its assets are insufficient to pay in full all of its liabilities, shall be by category as follows:(1)The costs and expenses of the receivership and real and personal property taxes assessed against the trust company pursuant to applicable law;(2)Claims which are secured or given priority by applicable law;(3)Claims of unsecured creditors;(4)All other claims exclusive of claims on capital notes and debentures; and(5)Claims on capital notes and debentures.If the assets are insufficient for the payment in full of all claims within a category, the claims shall be paid in the order provided by other applicable law or, in the absence of such applicable law, pro rata. Source: SL 1995, ch 268, §43.