South Dakota Codified Laws 51A-5-26. Supervision of investment of fiduciary funds by committee designated by board of directors
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The board of directors shall designate one or more committees of not less than three qualified officers or directors to supervise the investment of fiduciary funds. No investment shall be made, retained, or disposed of without the approval of a committee. At least once each calendar year a committee shall review all assets of each fiduciary account and shall determine their current value, safety, and suitability and whether the investments should be modified or retained.
Terms Used In South Dakota Codified Laws 51A-5-26
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
Source: SL 1969, ch 11, § 5.10; SDCL, § 51-19-12.