South Dakota Codified Laws 1-53-25. Deposit of trust assets with state treasurer–Purposes for which used
Notwithstanding any other provision of law, funds and the proceeds of the trust assets which are not authorized to be administered by the secretary of agriculture of the United States under the provisions of § 1-53-24 must be received by the commissioner of the Governor’s Office of Economic Development under the application made pursuant to § 1-53-23, and deposited by the commissioner with the state treasurer for use by the commissioner of the Governor’s Office of Economic Development for the rural rehabilitation purposes permissible under the charter of the now dissolved South Dakota Rural Rehabilitation Corporation, as may from time to time be agreed upon by the commissioner of the Governor’s Office of Economic Development with the approval of the Governor and the secretary of agriculture of the United States, subject to the applicable provisions of Public Law 499, or for the purposes of § 1-53-24.
Terms Used In South Dakota Codified Laws 1-53-25
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
Source: SL 1951, ch 4, § 4; SDC Supp 1960, § 4.0118; SDCL § 38-6-4; SL 2019, ch 235 (Ex. Ord. 19-1), § 44, eff. Apr. 14, 2019; SL 2023, ch 3, § 11.