{"data":{"id":"us-sd/sdcl-51a-6a-11.1","jurisdiction":"us-sd","citation":"SDCL § 51A-6A-11.1","heading":"Public trust companies to maintain office and perform trust administration in South Dakota.","body":"A public trust company shall:\n(1) Maintain office space in South Dakota for trust company business and for the storage of, and access to, trust company records required by § 51A-6A-30;\n(2) Hold no less than two quarterly governing board meetings with a majority physically present in South Dakota each calendar year;\n(3) Employ, engage, or contract with at least one trust officer or key employee to provide services for the trust company in South Dakota related to the powers of the company in § 51A-6A-29 and to facilitate the examinations required by § 51A-6A-31; and\n(4) Perform trust administration in South Dakota.\nThe commission may promulgate rules, pursuant to chapter 1-26, to establish additional guidelines regarding what constitutes trust administration in South Dakota for purposes of this section.\nSource: SL 2010, ch 232, § 18; SL 2012, ch 233, § 2; SL 2015, ch 240, § 3; SL 2016, ch 231, § 4.","path":["TITLE 51A. BANKS AND BANKING","CHAPTER 51A-6A. CREATION OF TRUST COMPANIES"],"source_url":"https://sdlegislature.gov/Statutes/51A-6A-11.1","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"d5a10d6b49b8784c8f2fd7cb7c4c164765bac65301e06132ca4648ed1fdf8d8c","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-51a-6a-11","next":"us-sd/sdcl-51a-6a-11.2"},"notice":"GroundRules: Original legal text. Not legal advice."}