Section 51A-6A-11.1 - Public trust companies to have office premises that would establish jurisdiction overtrust for which trust company is qualified person. - South-dakota Statutes

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51A-6A-11.1. Public trust companies to have office premises that would establish jurisdiction over trust for which trust company is qualified person. A public trust company chartered in South Dakota, after June 30, 2010, shall establish office premises in South Dakota that would establish jurisdiction over a trust for which the trust company would be a qualified person under § 55-3-39.
Public trust companies chartered in South Dakota prior to July 1, 2010, shall meet the requirements of this section no later than July 1, 2015, unless the director grants an extension of up to twenty-four months upon a showing of good faith effort. A public trust company seeking an extension of time shall include in its application to the director the reasons for any delay and a detailed time line for expected compliance with this section.
The 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.

Source: SL 2010, ch 232, § 18.

State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-06a > Statute-51a-6a-11-1

51A-6A-11.1. Public trust companies to have office premises that would establish jurisdiction over trust for which trust company is qualified person. A public trust company chartered in South Dakota, after June 30, 2010, shall establish office premises in South Dakota that would establish jurisdiction over a trust for which the trust company would be a qualified person under § 55-3-39.
Public trust companies chartered in South Dakota prior to July 1, 2010, shall meet the requirements of this section no later than July 1, 2015, unless the director grants an extension of up to twenty-four months upon a showing of good faith effort. A public trust company seeking an extension of time shall include in its application to the director the reasons for any delay and a detailed time line for expected compliance with this section.
The 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.

Source: SL 2010, ch 232, § 18.

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Statutes > South-dakota > Title-51a > Chapter-06a > Statute-51a-6a-11-1

51A-6A-11.1. Public trust companies to have office premises that would establish jurisdiction over trust for which trust company is qualified person. A public trust company chartered in South Dakota, after June 30, 2010, shall establish office premises in South Dakota that would establish jurisdiction over a trust for which the trust company would be a qualified person under § 55-3-39.
Public trust companies chartered in South Dakota prior to July 1, 2010, shall meet the requirements of this section no later than July 1, 2015, unless the director grants an extension of up to twenty-four months upon a showing of good faith effort. A public trust company seeking an extension of time shall include in its application to the director the reasons for any delay and a detailed time line for expected compliance with this section.
The 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.

Source: SL 2010, ch 232, § 18.