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.
S.D. Codified Laws § 51A-5-25
Approval or ratification of acceptance or relinquishment of fiduciary accounts by board of directors or committee
Source: SL 1969, ch 11, § 5.10; SDCL, § 51-19-11.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.