Except to the extent otherwise provided in the governing instrument of a business trust, a business trust may acquire, by purchase, redemption, or otherwise, any beneficial interest in the business trust held by a beneficial owner of the business trust. Except to the extent otherwise provided in the governing instrument of a business trust, any such interest so acquired by a business trust shall be deemed canceled.
S.D. Codified Laws § 47-14A-79
Power of business trust to acquire interest held by beneficial owner
Known as the South Dakota Business Trust Act
The act spans §§ 47–47 (95 sections).
Source: SL 2001, ch 245, § 79.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.