Section 51A-6A-10 - Statement of payment of capital--Certificate of organization. - South Dakota Statutes

51A-6A-10. Statement of payment of capital--Certificate of organization. When the capital of any trust company is paid in, the president or cashier shall transmit to the director a verified statement showing the names and addresses of all owners, the amount of stock or units each subscribed, and the amount paid in by each. The director shall review each trust company as to the amount of money paid in for capital, surplus, and undivided profits; by whom the amounts were paid, the amount of capital stock or units owned in good faith by each owner, and whether the trust company has complied with the provisions of law. If the director determines that the trust company has been organized as provided by law, has complied with the provisions of law, and has secured the required approval, the director shall issue a certificate showing that the trust company has been organized and its capital paid in as required by law and that the trust company is authorized to transact trust business as provided by law.

Source: SL 1995, ch 268, § 7; SL 2008, ch 258, § 7.