S.D. Codified Laws § 51A-6A-7

Current through the 2024 Legislative Session

Section 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.

SDCL 51A-6A-7

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.

Amended by S.L. 2017, ch. 204,s. 3, eff. 7/1/2017.

Amended by S.L. 2016, ch. 231,s. 3, eff. 7/1/2016.