reglab/housing_qa huggingface dataset:
SD Codified L § 51A-6A-45.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-45.1 - Liability of receiver.

51A-6A-45.1. Liability of receiver.No receiver, appointed pursuant to §51A-6A-44, is liable to any person for good faith compliance with any law, statute, rule, or judgment, decree, or order of a court. Nor is any receiver liable to any person for any action taken or omitted unless a court finds that the receiver acted or failed to act as a result of misfeasance, bad faith, gross negligence, or reckless disregard of duty. Source: SL 2005, ch 260, §11.
SD Codified L § 51A-6A-46 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-46 - Periodic examination of trust company in the hands of a receiver.

51A-6A-46. Periodic examination of trust company in the hands of a receiver.At least once each six months the director shall examine each trust company in the hands of a receiver and shall file a copy of the examination report with the clerk of the circuit court of the county in which the trust company is located. Each receiver shall submit the records and affairs of the trust company to an examination by the director. Source: SL 1995, ch 268, §44.
SD Codified L § 51A-6A-46.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-46.1 - Suspension, liquidation, order against unsound practice, removal of director or officer, or injunction.

51A-6A-46.1. Suspension, liquidation, order against unsound practice, removal of director or officer, or injunction.In addition to the powers granted to the director and the commission in §§51A-6A-35 to 51A-6A-46, inclusive, the powers granted to the director and commission pursuant to §§51A-15-11 to 51A-15-44, inclusive, 51A-2-22, and 51A-2-25 to 51A-2-27, inclusive, may be utilized by the director and the commission with regard to trust companies. The powers granted by §§51A-15-11 to 51A-15-44, inclusive, 51A-2-22, and 51A-2-25 to 51A-2-27, inclusive, may be used by the director and the commission in connection with a trust company as a supplement to or as an independent alternative to the powers granted in §§51A-6A-35 to 51A-6A-46, inclusive. Source: SL 2004, ch 312, §4; SL 2010, ch 232, §22.
SD Codified L § 51A-6A-46.2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-46.2 - Disclosure of confidential information in certain actions.

51A-6A-46.2. Disclosure of confidential information in certain actions.The provisions of §§51A-6A-2 and 51A-6A-39 do not apply to the disclosure of information by the director or the commission in connection with the institution and prosecution of an action against an individual pursuant to the provisions of §51A-2-22 or against a trust company pursuant to the provisions of §§51A-15-11 to 51A-15-44, inclusive, or 51A-2-25 to 51A-2-27, inclusive, or 51A-6A-35 to 51A-6A-46, inclusive. Disclosure of confidential information may be made only to formal governmental regulatory bodies which have a need for the confidential information. Source: SL 2004, ch 312, §5; SL 2015, ch 240, §7.
SD Codified L § 51A-6A-47 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-47 - Acquisition of trust company--Notice to director--Approval--Order of disapproval--Hearing.

51A-6A-47. Acquisition of trust company--Notice to director--Approval--Order of disapproval--Hearing.A person acquiring control through direct or indirect ownership by an owner or an affiliated group of owners shall give the director at least sixty days prior written notice of any proposed trust company acquisition. If the director does not issue an order disapproving the proposed acquisition within that time or extend the period during which a disapproval may be issued, the proposed acquisition is approved. The period for disapproval shall be thirty days after notice is received by the director and may be further extended only if the director determines that any acquiring person has not furnished all the information required under §51A-6A-48 or if in the director's judgment, any material information submitted is substantially inaccurate. An acquisition may be made prior to expiration of the disapproval period if the director issues written notice of the director's intent not to disapprove the action.If the director disapproves an acquisition, the director shall serve the acquiring person with an order of disapproval. The order shall provide a statement of the basis for the disapproval. Within thirty days after service of an order of disapproval, the acquiring person may request a hearing on the proposed acquisition with the commission. Upon receipt of a timely request, the commission shall conduct a hearing in accordance with the provisions of chapter 1-26. Any disapproval by the commission of a proposed acquisition is subject to review in accordance with chapter 1-26.Actual expenses incurred by the director or commission in carrying out any investigation that may be necessary or required by statute shall be paid by the person submitting the proposed acquisition. Source: SL 1995, ch 268, §45; SL 2013, ch 239, §6.
SD Codified L § 51A-6A-48 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-48 - Contents of notice of proposed acquisition.

51A-6A-48. Contents of notice of proposed acquisition.A notice of a proposed trust company acquisition shall contain, in the form prescribed by the director, the following information:(1)The identity, personal history, business background, and experience of any person by whom or on whose behalf the acquisition is to be made, including the person's material business activities and affiliations during the past five years and a description of any material pending legal or administrative proceedings in which the person is a party and any criminal indictment or conviction of the person by a state or federal court;(2)A statement of the assets and liabilities of any person by whom or on whose behalf the acquisition is to be made, as of the end of the fiscal year for each of the five fiscal years immediately preceding the date of the notice, together with related statements of income and source and application of funds for each of the fiscal years then concluded and an interim statement of the assets and liabilities for any person, together with related statements of income and source and application of funds, as of a date not more than ninety days prior to the date of the notice;(3)The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made;(4)The identity, source, and amount of the funds or other considerations used or to be used in making the acquisition and, if any part of these funds or other considerations has been or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties to the transaction, and any arrangements, agreements, or understandings with such persons;(5)Any plans or proposals which any acquiring person making the acquisition may have to liquidate the trust company, to sell its assets or merge it with any company, or to make any other major change in its business or corporate structure or management;(6)The identification of any person employed, retained, or to be compensated by the acquiring person or by any person on the acquiring person's behalf to make solicitations or recommendations to owners for the purpose of assisting in the acquisition and a brief description of the terms of the employment, retainer, or arrangement for compensation;(7)Copies of all invitations or tenders or advertisements making a tender offer to owners for purchase of their stock or ownership units to be used in connection with the proposed acquisition; and(8)Any additional relevant information in such forms as the directors may require by specific request in connection with any particular notice. Source: SL 1995, ch 268, §46.
SD Codified L § 51A-6A-49 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-49 - Reason for disapproval of acquisition.

51A-6A-49. Reason for disapproval of acquisition.The director may disapprove any proposed acquisition if:(1)The proposed acquisition of control would result in a monopoly or would be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the trust business in any part of this state;(2)The financial condition of any acquiring person is such as might jeopardize the financial stability of the trust company or prejudice the interests of the clients of the trust company;(3)The competence, experience, or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the clients of the trust company or in the interest of the public to permit such person to control the trust company; or(4)Any acquiring person neglects, fails, or refuses to furnish the director all the information required by the director. Source: SL 1995, ch 268, §47.
SD Codified L § 51A-6A-50 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-50 - Procedure for merger, consolidation, conversion, or transfer of assets and liabilities to another bank or trust company.

51A-6A-50. Procedure for merger, consolidation, conversion, or transfer of assets and liabilities to another bank or trust company.Before any trust company can merge, consolidate with, convert from a corporation to a limited liability company or from a limited liability company to a corporation under §47-1A-950 or 47-1A-950.1, or transfer its assets and liabilities to another trust company or bank, it shall file with the director, certified copies of all proceedings of its governing board and owners relating to the merger, consolidation, conversion, or transfer. The owners' proceedings shall show that a majority of the owners voted in favor of the merger, consolidation, conversion, or transfer. The owners' proceedings shall contain a complete copy of the agreement made and entered into, with reference to the merger, consolidation, conversion, or transfer. Upon the filing of the owners' and governing board's proceedings, the director shall make an investigation to determine whether:(1)The interests of the clients, creditors, and owners of each are protected;(2)The merger, consolidation, conversion, or transfer is in the public interest; and(3)The merger, consolidation, conversion, or transfer is made for legitimate purposes.The director's consent to or rejection of a merger, consolidation, conversion, or transfer shall be based upon the investigation. No merger, consolidation, conversion, or transfer may be made without the consent of the director. The expense of the investigation shall be paid by the persons filing the request. Source: SL 1995, ch 268, §48; SL 2012, ch 252, §20.
SD Codified L § 51A-6A-50.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-50.1 - Proceedings to legally dissolve charter of acquired, merged, or consolidated trust company.

51A-6A-50.1. Proceedings to legally dissolve charter of acquired, merged, or consolidated trust company.If a trust company has been acquired, merged, or consolidated with another trust company or financial institution, or its assets have been purchased and its liabilities assumed by another trust company or financial institution, in any instance other than an emergency, within thirty days thereafter, the directors of the trust company shall institute proceedings to legally dissolve its charter in the same manner as provided for voluntary liquidation in chapter 51A-15. However, no notice need be given pursuant to §51A-15-3. Source: SL 2015, ch 240, §8.
SD Codified L § 51A-6A-51 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-51 - Necessity of execution or delivery of deed for merger or consolidation.

51A-6A-51. Necessity of execution or delivery of deed for merger or consolidation.When a merger or consolidation of any trust company occurs, the successor consolidated trust company or bank becomes the owner of, and entitled to, the possession of all rights, franchises, and interests, real estate, and personal property as is covered by the merger or consolidation agreement without the necessity of the execution or delivery of a deed or other form of transfer. Source: SL 1995, ch 268, §49.
SD Codified L § 51A-6A-52 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-52 - Fiduciary capacity of successor trust company.

51A-6A-52. Fiduciary capacity of successor trust company.Upon the merger or consolidation of any trust company, the successor trust company, upon acquiring trust authority, may be appointed to act as trustee, personal representative, conservator, or any other fiduciary capacity to the same extent and with the same authority as the trust company to which it succeeds. Source: SL 1995, ch 268, §50.
SD Codified L § 51A-6A-53 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-53 - Name of trust company--Name change.

51A-6A-53. Name of trust company--Name change.No trust company may take the name of any other trust company incorporated in the state or a name so similar to another as to be easily confused with it. No trust company may change its name until the name change has been submitted to and approved by the director. The director may refuse authority to any trust company violating this provision. Source: SL 1995, ch 268, §51.
SD Codified L § 51A-6A-54 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-54 - Approval required for changing place of business--Examination and investigation by director.

51A-6A-54. Approval required for changing place of business--Examination and investigation by director.No trust company incorporated under the laws of this state may change its place of business, from one city or town to another or from one location to another within the same city or town, without the prior approval of the director. Any trust company desiring to change its place of business shall file a written application with the director in the form and containing the information as the director requires. The director shall examine and investigate the application and approve or disapprove the application. The expenses of the examination and investigation shall be paid by the trust company. Source: SL 1995, ch 268, §52; SL 2008, ch 258, §10.
SD Codified L § 51A-6A-58 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-58 - Establishment of trust service offices--Application.

51A-6A-58. Establishment of trust service offices--Application.After first applying for and obtaining the approval of the director, one or more trust service offices may be established and operated by a trust company incorporated under the laws of this state or by an out-of-state trust institution, if and to the extent that the state, territory, or district in which the out-of-state trust institution is chartered or licensed to engage in a trust company business grants authority for a trust company organized and doing business under the laws of this state to establish an office in that state, territory, or district. An application to establish and operate a trust service office or to relocate an existing trust service office shall be submitted and approved in the manner set forth in §51A-6A-4.A trust company may establish a trust service office in another state, territory, or district and may conduct any activities at that office that are permissible for a trust company under the laws of that state, territory, or district subject to the laws of this state and subject to the rules, orders, or declaratory rules of the commission or the director.The provisions of this section do not apply to a private trust company unless the governing board decides to establish a trust service office in another state, territory, or district. Source: SL 1995, ch 268, §56; SL 2005, ch 260, §14; SL 2008, ch 258, §11; SL 2016, ch 231, §8.
SD Codified L § 51A-6A-61 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-61 - Membership in federal reserve bank.

51A-6A-61. Membership in federal reserve bank.Any trust company may become a stockholder in and a member of the federal reserve bank of the federal reserve district where the trust company is located. Source: SL 1995, ch 268, §59.
SD Codified L § 51A-6A-62 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-62 - Depositing securities into federal reserve bank.

51A-6A-62. Depositing securities into federal reserve bank.Any trust company when acting as fiduciary, and any trust company 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 trust company. Any account used for this purpose shall be designated as a fiduciary or safekeeping account, and other similar securities may be credited to the account. A trust company depositing securities with a federal reserve bank is subject to any rules with respect to the making and maintenance of the deposits as the director may promulgate pursuant to chapter 1-26. The records of the trust company shall always show the ownership of the securities held in the account. Source: SL 1995, ch 268, §60.
SD Codified L § 51A-6A-63 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-63 - Registering investments in name of nominee--Liability of trust company.

51A-6A-63. Registering investments in name of nominee--Liability of trust company.Any trust company, when acting in this state as a fiduciary or a co-fiduciary with others, may with the consent of its co-fiduciary or co-fiduciaries, if any, cause any investment held in any such capacity, to be registered and held in the name of a nominee or nominees of the trust company. The trust company is liable for the acts of any nominee with respect to any investment so registered. Source: SL 1995, ch 268, §61.
SD Codified L § 51A-6A-64 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-64 - Common trust funds and collective investment funds.

51A-6A-64. Common trust funds and collective investment funds.Any trust company qualified to act as a fiduciary in this state may establish common trust funds or collective investment funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as co-fiduciaries. Any trust company qualified to act as fiduciary in this state may, as such fiduciary or co-fiduciary, invest funds that it lawfully holds for investment in the common trust funds or collective investment funds, if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship. Any common trust fund or collective investment funds shall be established and maintained according to the provisions of chapter 55-6. Source: SL 1995, ch 268, §62; SL 2011, ch 212, §22; SL 2014, ch 226, §2.
SD Codified L § 51A-6A-66 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-66 - Exclusion of entity from chapters 51A-5 and 51A-6A--Governing documents--Notice to director.

51A-6A-66. Exclusion of entity from chapters 51A-5 and 51A-6A--Governing documents--Notice to director. An entity may be excluded from the provisions of chapters 51A-5 and 51A-6A if:(1)The entity is established for the exclusive purpose of acting as a trust protector, investment trust advisor, or distribution trust advisor, as defined by §55-1B-1, or any combination of such purposes;(2)The entity is acting in such capacity under a trust instrument that names a South Dakota trust company, a South Dakota bank with trust powers, or a national bank with trust powers as trustee;(3)The entity is not engaged in trust company business with the general public as a public trust company or with any family as a private trust company;(4)The entity does not hold itself out as being in the business of acting as a fiduciary for hire as either a public or private trust company;(5)The entity files an annual report with the South Dakota secretary of state and provides a copy to the Division of Banking;(6)The entity agrees to be subject to examination by the Division of Banking at the discretion of the director; and(7)The entity does not use the word, trust, in the entity's name in any manner.The governing documents of any such excluded entity must limit its authorized activities to the functions permitted to a trust protector, investment trust advisor, or distribution trust advisor pursuant to chapter 55-1B, or any combination of such purposes, and limit the performance of those functions with respect to a specifically named trust or family of trusts.An entity complying with this section shall notify the director of its existence, capacity to act, and the name of the trustee for the trust or family of trusts. Source: SL 2011, ch 212, §7; SL 2013, ch 239, §11; SL 2018, ch 270, §2; SL 2021, ch 203, § 32.
SD Codified L § 51A-6A-67 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 06A - Creation Of Trust Companies|Section 51A-6A-67 - Trust company receivership and liquidation captive insurance company fund.

51A-6A-67. Trust company receivership and liquidation captive insurance company fund.There is hereby established in the state treasury the trust company receivership and liquidation captive insurance company fund. The Department of Labor and Regulation may enter into an agreement with a captive insurance company for the management of the fund. Money in the fund may be used to pay for trust company receivership and liquidation costs for trust companies chartered and regulated by the Division of Banking as well as administrative and reinsurance costs for the fund. Interest earned on money in the fund shall be deposited into the fund. Unexpended money and any interest that may be credited to the fund shall remain in the fund. Any money in the trust company receivership and liquidation captive insurance company fund is continuously appropriated. Any money deposited into and distributed from the fund shall be set forth in an informational budget as described in §4-7-7.2.  Source: SL 2016, ch 228, §4; SDCL §51A-6-23.
SD Codified L § 51A-7-1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 07 - Branch Banks And Drive-In Facilities|Section 51A-7-1 - Operation of branches.

51A-7-1. Operation of branches.A branch bank or mobile branch bank may be operated by a bank only as authorized by this title and by the director under such rules as the commission shall require. Source: SL 1933 (SS), ch 2, §2; SL 1935, ch 54; SDC 1939, §6.0402; SL 1957, ch 11; SDCL §§51-8-2, 51-8-3; SL 1969, ch 11, §6.1; SL 1988, ch 377, §125; SDCL §51-20-1; SL 2008, ch 252, §28.