South Dakota Codified Laws 51A-5-22. Ownership of stock in clearing corporation not required for deposit of securities by fiduciary or custodian
Current as of: 2023 | Check for updates
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Sections 51A-5-21 to 51A-5-24, inclusive, apply to any fiduciary holding securities in its fiduciary capacity, and to any bank holding securities as a custodian, managing agent or custodian for a fiduciary, regardless of the date of the agreement, instrument, or court order by which it is appointed and regardless of whether or not the fiduciary, custodian, managing agent, or custodian for a fiduciary owns capital stock of the clearing corporation.
Terms Used In South Dakota Codified Laws 51A-5-22
- 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.
- Fiduciary: A trustee, executor, or administrator.
Source: SL 1978, ch 357, § 4; SDCL, § 51-19-10.2; SL 2021, ch 203, § 6.