South Dakota Codified Laws 55-6-2.1. Powers of bank or trust company qualified to act as fiduciary
A bank or trust company qualified to act as a fiduciary in this state may:
(1) Establish and maintain common trust funds or collective investment funds for the collective investment of funds held in any fiduciary capacity by it or by another bank or trust company which is owned or controlled by a corporation which owns or controls such bank or trust company;
Terms Used In South Dakota Codified Laws 55-6-2.1
- 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.
(2) Invest funds which it holds in common trust funds or collective investment funds established and maintained pursuant to subdivision (1).
The provisions of §§ 55-6-1 to 55-6-7, inclusive, relating to common trust funds or collective investment funds shall apply to the establishment and maintenance of common trust funds or collective investment funds under this section.
This section shall apply to all fiduciary relationships.
Source: SL 1978, ch 356, §§ 1 to 3; SL 2011, ch 212, § 25.