S.D. Codified Laws § 51A-6A-5

Current through the 2024 Legislative Session

Section 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.

SDCL 51A-6A-5

SL 1995, ch 268, § 3; SL 2008, ch 258, §4.