Section 51A-6A-15 - Meetings of governing board--Examination and audit of books and records. - South Dakota Statutes

51A-6A-15. Meetings of governing board--Examination and audit of books and records. The governing board shall hold at least four regular meetings each year, at least one of which shall be held during each calendar quarter. The governing board or an auditor selected by them shall make a thorough examination of the books, records, funds, and securities held by the trust company at each of the quarterly meetings. The result of the examination shall be recorded in detail. If the governing board selects an auditor, the auditor's findings shall be reported directly to the governing board. In lieu of the required four quarterly examinations, the governing board may accept one annual audit by a certified public accountant or an independent auditor approved by the director.

Source: SL 1995, ch 268, § 12.