Section 51A-6A-9 - Starting date of trust company existence--Commencement of business. - South Dakota Statutes

51A-6A-9. Starting date of trust company existence--Commencement of business. The existence of any trust company shall date from the filing of its articles from which time it shall have and may exercise the incidental powers conferred by law upon corporations or limited liability companies, as applicable. However, no trust company may transact any business except the election of officers, the taking and approving of their official bonds, the receipts of payment upon stock subscriptions, and other business incidental to its organization, until it has secured the required approval and the authorization of the director to commence business.

Source: SL 1995, ch 268, § 6; SL 2008, ch 258, § 6.