South Dakota Codified Laws 51A-5-25. Approval or ratification of acceptance or relinquishment of fiduciary accounts by board of directors or committee
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No bank shall accept or voluntarily relinquish a fiduciary account without the approval or ratification of the board of directors, or a committee of officers or directors designated by the board for that purpose, but the board or the committee may prescribe general rules governing acceptance or relinquishment of fiduciary accounts, and action taken by an officer in accordance with these rules is sufficient approval.
Terms Used In South Dakota Codified Laws 51A-5-25
- Fiduciary: A trustee, executor, or administrator.
Source: SL 1969, ch 11, § 5.10; SDCL, § 51-19-11.