Section 55-6-2.1 - Establishment of common trust funds for funds held by affiliated bank or trustcompany--Chapter applicable. - South Dakota Statutes

55-6-2.1. Establishment of common trust funds for funds held by affiliated bank or trust company--Chapter applicable. A bank or trust company qualified to act as a fiduciary in this state may:
(1) Establish and maintain common trust 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;
(2) Invest funds which it holds in common trust funds established and maintained pursuant to subdivision (1).
The provisions of §§ 55-6-1 to 55-6-6, inclusive, relating to common trust funds shall apply to the establishment and maintenance of common trust funds under this section.
This section shall apply to all fiduciary relationships.

Source: SL 1978, ch 356, §§ 1 to 3.