51A-6-2. Organization of trust company by bank. A trust company may be organized by any of the following:
(1) A bank having its main office in this state, provided that such bank shall hold at least fifty percent of the outstanding voting stock of such trust company;
(2) A bank holding company as defined in the United States Bank Holding Company Act of 1956, provided that such bank holding company shall hold at least fifty percent of the outstanding voting stock of such trust company.
A trust company may be incorporated under the laws of this state or under the laws of the United States. The name of a trust company may include the word, trust. To the extent not inconsistent with the provisions of this chapter, any trust company incorporated under the laws of this state shall be subject to the laws of this state generally applicable to state banks engaged in the trust company business. A trust company formed under the laws of the United States shall, to the extent provided by the laws of the United States, be subject to the laws of this state applicable to trust companies incorporated under the laws of this state.
Source: SL 1976, ch 304, § 2 (1); SDCL, § 51-19A-2; SL 1994, ch 364, § 3.
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