reglab/housing_qa huggingface dataset:
SD Codified L § 51A-5-10 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-10 - Establishment of place of business not permitted or prohibited by filing requirements.

51A-5-10. Establishment of place of business not permitted or prohibited by filing requirements.The provisions of §§51A-5-7 to 51A-5-9, inclusive, may not be construed to prohibit, permit, or affect in any other way, the right of a bank or trust company, organized and doing business under the laws of any other state, territory, or district than South Dakota, including a national bank doing business in any other state, to establish in this state a place of business, branch office, or agency for the conduct of business as a fiduciary. Source: SL 1973, ch 292, §3; SDCL, §51-19-5.4; SL 1995, ch 268, §70; SL 1997, ch 272, §8.
SD Codified L § 51A-5-11 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-11 - Investment powers of trust company.

51A-5-11. Investment powers of trust company.A bank exercising trust powers shall have the same investment powers as an individual fiduciary under like circumstances. Source: SL 1969, ch 11, §5.5; SL 1970, ch 265, §38; SDCL, §51-19-6.
SD Codified L § 51A-5-12 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-12 - Voting of bank shares by cotrustee.

51A-5-12. Voting of bank shares by cotrustee.Shares of its own stock held by a bank and one or more persons as trustees may be voted on by such other person or persons, as trustees, in the same manner as if he or they were the sole trustee. Source: SL 1970, ch 265, §39; SDCL, §51-19-6.1.
SD Codified L § 51A-5-13 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-13 - Segregation of assets held by bank as fiduciary.

51A-5-13. Segregation of assets held by bank as fiduciary.A bank holding any asset as fiduciary, shall:(1)Segregate all such assets from any other assets of the bank and from the assets of other trusts, except as may be expressly provided otherwise by law or by the writing creating the trust.(2)Record such assets in a separate set of books maintained for fiduciary activities. Source: SL 1969, ch 11, §5.6; SL 1975, ch 292, §§1, 2; SDCL, §51-19-7.
SD Codified L § 51A-5-14 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-14 - Deposit of federally guaranteed securities with federal reserve bank.

51A-5-14. Deposit of federally guaranteed securities with federal reserve bank. Any bank, when holding securities as custodian for a fiduciary may deposit, or arrange for the deposit, with the federal reserve bank in its district of any securities the principal and interest of which the United States or any department, agency, or instrumentality of the United States has agreed to pay, or has guaranteed payment, to be credited to one or more accounts on the books of the federal reserve bank in the name of the bank. Any account used for this purpose shall be designated as a fiduciary or safekeeping account, and other similar securities may be credited. A bank depositing securities with a federal reserve bank is subject to such rules and regulations with respect to the making and maintenance of such deposit, as, in the case of state chartered institutions, the commission, and, in the case of national banking associations, the comptroller of the currency, may from time to time issue. Source: SDCL, §51-19-7 as added by SL 1975, ch 292, §1; SL 1988, ch 377, §115; SDCL, §51-19-7.1; SL 1995, ch 268, §71; SL 1997, ch 272, §9; SL 2021, ch 203, § 2.
SD Codified L § 51A-5-15 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-15 - Records of depositor to show ownership of securities--Transfers by book entries.

51A-5-15. Records of depositor to show ownership of securities--Transfers by book entries. The records of the bank must at all times show the ownership of the securities held in such account. Ownership of, and other interests in, the securities credited to such account may be transferred by entries on the books of the federal reserve bank without physical delivery of any securities. Source: SDCL, §51-19-7 as added by SL 1975, ch 292, §1; SDCL, §51-19-7.2; SL 1995, ch 268, §72; SL 1997, ch 272, §10; SL 2021, ch 203, § 3.
SD Codified L § 51A-5-16 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-16 - Custodian to certify deposited securities to fiduciary--Duty of fiduciary.

51A-5-16. Custodian to certify deposited securities to fiduciary--Duty of fiduciary. A bank acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank with the federal reserve bank for the account of the fiduciary. A fiduciary shall, on demand by any party to which it must account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary with the federal reserve bank for its account as the fiduciary. Source: SDCL, §51-19-7 as added by SL 1975, ch 292, §1; SDCL, §51-19-7.3; SL 1995, ch 268, §73; SL 1997, ch 272, §11; SL 2021, ch 203, § 4.
SD Codified L § 51A-5-17 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-17 - Application of provisions to fiduciaries and custodians whenever appointed.

51A-5-17. Application of provisions to fiduciaries and custodians whenever appointed.Sections 51A-5-14 to 51A-5-16, inclusive, shall apply to all fiduciaries, and custodians for fiduciaries, acting as of July 1, 1975, or who thereafter may act regardless of the date of the instrument or court order by which they are appointed. Source: SDCL, §51-19-7 as added by SL 1975, ch 292, §2; SDCL, §51-19-7.4.
SD Codified L § 51A-5-19 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-19 - Oath or bond not required of bank to qualify as fiduciary.

51A-5-19. Oath or bond not required of bank to qualify as fiduciary.No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary unless the instrument creating a fiduciary position expressly provides otherwise. Source: SL 1969, ch 11, §5.8; SDCL, §51-19-9.
SD Codified L § 51A-5-20 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-20 - Nominees used by bank acting as fiduciary or cofiduciary.

51A-5-20. Nominees used by bank acting as fiduciary or cofiduciary.Any bank, when acting as a fiduciary or a cofiduciary with others, or as an agent for other fiduciaries, may, with the consent of its cofiduciary or cofiduciaries, if any, who are hereby authorized to give such consent, or the fiduciaries for whom it is acting, cause any investment held in any such capacity to be registered and held in the name of a nominee or nominees of such bank. Such bank shall be liable for the acts of any such nominee with respect to any investment so registered. The records of such bank shall at all times show the trust for which any such investment is held and the securities shall be in the possession and control of such bank and be kept separate and apart from the assets of such bank. Source: SL 1969, ch 11, §5.9; SDCL, §51-19-10.
SD Codified L § 51A-5-21 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-21 - Deposit in clearing corporation of securities held as fiduciary or custodian.

51A-5-21. Deposit in clearing corporation of securities held as fiduciary or custodian. Any fiduciary holding securities in its fiduciary capacity, any bank holding securities as a custodian or managing agent, and any bank holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit of the securities in a clearing corporation as defined in subdivision 57A-8-102(5). Source: SL 1978, ch 357, §1; SDCL §51-19-10.1; SL 1995, ch 268, §74; SL 1997, ch 272, §12; SL 2015, ch 239, §5; SL 2021, ch 203, § 5.
SD Codified L § 51A-5-22 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-22 - Ownership of stock in clearing corporation not required for deposit of securities by fiduciary or custodian.

51A-5-22. Ownership of stock in clearing corporation not required for deposit of securities by fiduciary or custodian. Sections 51A-5-21 to 51A-5-24, inclusive, apply to any fiduciary holding securities in its fiduciary capacity, and to any bank holding securities as a custodian, managing agent or custodian for a fiduciary, regardless of the date of the agreement, instrument, or court order by which it is appointed and regardless of whether or not the fiduciary, custodian, managing agent, or custodian for a fiduciary owns capital stock of the clearing corporation. Source: SL 1978, ch 357, §4; SDCL, §51-19-10.2; SL 2021, ch 203, § 6.
SD Codified L § 51A-5-23 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-23 - Holding in bulk of securities deposited in clearing corporation--Merger of certificates.

51A-5-23. Holding in bulk of securities deposited in clearing corporation--Merger of certificates.Securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of such clearing corporation with any other such securities deposited in such clearing corporation by any person regardless of the ownership of such securities, and certificates of small denomination may be merged into one or more certificates of larger denomination. Source: SL 1978, ch 357, §2; SDCL, §51-19-10.3.
SD Codified L § 51A-5-24 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-24 - Records of securities deposited in clearing corporation--Transfer by book entry--Certification to interested party of securities held.

51A-5-24. Records of securities deposited in clearing corporation--Transfer by book entry--Certification to interested party of securities held. The records of the fiduciary and the records of the bank acting as custodian, as managing agent or as custodian for a fiduciary shall at all times show the name of the party for whose account the securities are so deposited. Title to the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities. A bank so depositing securities pursuant to §51A-5-23 is subject to the rules as, in the case of state chartered institutions, the commission and, in the case of national banking associations, the comptroller of the currency may from time to time issue. A bank acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank in the clearing corporation for the account of the fiduciary. A fiduciary shall, on demand by any party to a judicial proceeding for the settlement of the fiduciary's account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary in the clearing corporation for its account as the fiduciary. Source: SL 1978, ch 357, §3; SL 1988, ch 377, §116; SDCL, 51-19-10.4; SL 1995, ch 268, §75; SL 1997, ch 272, §13; SL 2021, ch 203, § 7.
SD Codified L § 51A-5-25 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-25 - Approval or ratification of acceptance or relinquishment of fiduciary accounts by board of directors or committee.

51A-5-25. Approval or ratification of acceptance or relinquishment of fiduciary accounts by board of directors or committee.No bank shall accept or voluntarily relinquish a fiduciary account without the approval or ratification of the board of directors, or a committee of officers or directors designated by the board for that purpose, but the board or the committee may prescribe general rules governing acceptance or relinquishment of fiduciary accounts, and action taken by an officer in accordance with these rules is sufficient approval. Source: SL 1969, ch 11, §5.10; SDCL, §51-19-11.
SD Codified L § 51A-5-26 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-26 - Supervision of investment of fiduciary funds by committee designated by board of directors.

51A-5-26. Supervision of investment of fiduciary funds by committee designated by board of directors.The board of directors shall designate one or more committees of not less than three qualified officers or directors to supervise the investment of fiduciary funds. No investment shall be made, retained, or disposed of without the approval of a committee. At least once each calendar year a committee shall review all assets of each fiduciary account and shall determine their current value, safety, and suitability and whether the investments should be modified or retained. Source: SL 1969, ch 11, §5.10; SDCL, §51-19-12.
SD Codified L § 51A-5-27 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-27 - Reports of committees designated to supervise fiduciary accounts.

51A-5-27. Reports of committees designated to supervise fiduciary accounts.The committees provided for in §§51A-5-25 and 51A-5-26 shall keep minutes of their meetings, and shall fully report to the board of directors at least once in each calendar quarter all action taken since their previous report. Source: SL 1969, ch 11, §5.10; SDCL, §51-19-13.
SD Codified L § 51A-6A-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-2 - Confidential information.

51A-6A-2. Confidential information.For the purposes of this chapter, confidential information includes the names of stockholders or owners, names and addresses of the members of a private trust company's governing board, ownership information, capital contributions, addresses, business affiliations, state and commission findings through any examination or inquiry of any kind, and any information required to be reported or filed with the director or the commission, and any information or agreement relating to any merger, consolidation, or transfer. Source: SL 1995, ch 268, §1A; SL 2015, ch 240, §2; SL 2016, ch 231, §2.
SD Codified L § 51A-6A-3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-3 - "Community" defined.

51A-6A-3."Community" defined.For the purposes of this chapter, community shall be broadly construed and shall include geographic or market based parameters, or both. Source: SL 1995, ch 268, §1B.
SD Codified L § 51A-6A-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-4 - Application for incorporation--Approval procedure--Emergency procedure.

51A-6A-4. Application for incorporation--Approval procedure--Emergency procedure.No trust company may be incorporated or organized under the laws of this state or transact trust company business in this state until the application for its incorporation or organization and application or authority to do business and the location of its principal office have been submitted to and approved under the same procedure for bank applications as provided in §51A-2-16, except that conditions for considering an application involving a trust company shall be as set forth in §51A-6A-5. The director shall prescribe the form for making an application and any application submitted shall contain such information as required. The applicant may, with approval of the director, designate confidential information. Any costs associated with the public notice required in §51A-2-16 shall be paid by the applicant, in addition to the application fee required in §51A-6A-6.If upon the dissolution or insolvency of any trust company, it is the opinion of the director that by reason of the loss of services in the community, an emergency exists which may result in serious inconvenience or losses to customers or it is in the public interest of the community, the director may accept and approve an application for incorporation or organization and an application for authority to do business without prior notice. Upon approval of an application by the director for authority to do business of a successor trust company, the director may call a special meeting of the commission and submit the application to the commission for its review and confirmation. Source: SL 1995, ch 268, §2; SL 2006, ch 243, §3; SL 2008, ch 258, §3; SL 2017, ch 204, §2.
SD Codified L § 51A-6A-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-5 - Considerations in ruling on application-Proceedings on application.

51A-6A-5. Considerations in ruling on application-Proceedings on application.In ruling on an application required under this chapter, the director or the commission, as the case may be, shall consider the following:(1)The financial standing, general business experience, and character of the organizers or incorporators of the applicant;(2)The character, qualifications, and experience of the officers of the applicant;(3)The applicant's ability to serve the community or clients as described in the application; and(4)The prospects for success of the proposed trust company.In any hearing on the application before the commission, the director shall submit to the commission for its consideration the director's findings with respect to the above conditions together with all other pertinent information in the director's possession. If the director or the commission, as the case may be, determines any of these conditions unfavorable to the applicant, then the application shall be disapproved, but if not, then the application shall be approved. Any proceeding before the commission on an application shall be held in conformance with chapter 1-26. Source: SL 1995, ch 268, §3; SL 2008, ch 258, §4.
SD Codified L § 51A-6A-5.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-5.1 - Notice to division of material omission in application or change in facts reported in application.

51A-6A-5.1. Notice to division of material omission in application or change in facts reported in application.Any trust company shall immediately notify the division of any material omission from the application or any material change in the facts reported in an application, either of which could have led to an unfavorable finding with respect to the criteria established in §51A-6A-5. Failure to so notify the division of the material omission from the application or the existence of the material change in facts as reported in the application, either of which could have led to an unfavorable finding with respect to the criteria established in §51A-6A-5, may subject the trust company to revocation proceedings or other regulatory action as provided in this title. The director shall give notice of the revocation or other regulatory action to the president or other managing officer of the trust company, and any revocation action shall thereupon proceed according to §51A-6A-38. Source: SL 2013, ch 239, §5.
SD Codified L § 51A-6A-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-6 - Application fee.

51A-6A-6. Application fee.All applications for charters under this chapter shall include a five thousand dollar application fee which is nonrefundable. This fee shall be remitted by the Division of Banking to the state general fund. Source: SL 1995, ch 268, §4; SL 1998, ch 282, §33.
SD Codified L § 51A-6A-7 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-7 - Organization of public and private trust companies--Submission and approval of articles--Required information.

51A-6A-7. Organization of public and private trust companies--Submission and approval of articles--Required information.Any three or more persons may organize a public trust company and make and file articles as provided by the laws of this state. Any one or more persons may organize a private trust company and make and file articles as provided by the laws of this state. No trust company may be organized or incorporated to engage in business as such until the articles have been submitted and approved in accordance with §51A-6A-4. The name selected for the trust company shall include the word, trust, and may not be the name of any other trust company doing business in the state. The director shall accept or reject the name. However, the approval of a trust company name by the director may not supersede any person's rights pursuant to state or federal trademark law. The articles, in addition to any other information required by law, shall state:(1)That the corporation or limited liability company is formed for the purpose of engaging in the trust company business; and(2)The period for which such corporation or limited liability company is organized, which may be perpetual.The articles may contain any other provisions as are consistent with law. The articles shall be subscribed by one or more of the organizers of the proposed trust company and shall be acknowledged by them. The full amount of the capital required by §51A-6A-19 shall be subscribed before the articles are filed. Source: SL 1995, ch 268, §5; SL 2008, ch 258, §5; SL 2011, ch 212, §38; SL 2016, ch 231, §3; SL 2017, ch 204, §3.
SD Codified L § 51A-6A-7.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-7.1 - Corporation laws applied.

51A-6A-7.1. Corporation laws applied. All provisions of law applicable to a corporation and a limited liability company are applicable to a trust company, except where inconsistent with this chapter and the provisions of this title, in which case this chapter and the provisions of this title govern. Source: SL 2021, ch 203, § 29.
SD Codified L § 51A-6A-8 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-8 - Amendment of articles--Extension of existence.

51A-6A-8. Amendment of articles--Extension of existence.Prior to the expiration of the period for which it was incorporated or organized a trust company may, with the approval of at least a majority of the capital stock or ownership units of such trust company, amend its articles to extend its existence for an additional period, which may be perpetual. Source: SL 1995, ch 268, §5A; SL 2011, ch 212, §39.
SD Codified L § 51A-6A-9 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-9 - Starting date of trust company existence--Commencement of business.

51A-6A-9. Starting date of trust company existence--Commencement of business.The existence of any trust company shall date from the filing of its articles from which time it shall have and may exercise the incidental powers conferred by law upon corporations or limited liability companies, as applicable. However, no trust company may transact any business except the election of officers, the taking and approving of their official bonds, the receipts of payment upon stock subscriptions, and other business incidental to its organization, until it has secured the required approval and the authorization of the director to commence business. Source: SL 1995, ch 268, §6; SL 2008, ch 258, §6.