All securities purchased shall be in the physical custody of the state treasurer who may, with the approval of the State Investment Council, deposit with a fiscal agent the securities as he shall consider advisable to be held in safekeeping by said agent for collection of principal and interest.
S.D. Codified Laws § 4-5-31
Physical custody of securities purchased--Deposit with fiscal agent
Known as the Investment of State Funds Law
The act spans §§ 4–4 (70 sections).
Source: SL 1971, ch 27, § 23.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.