Establishment and maintenance of common trust funds and collective investment funds--Purpose
Known as the Uniform Common Trust Fund Act
The act spans §§ 55–55 (10 sections).
Source: SL 1941, ch 20, § 1; SDC Supp 1960, § 6.0901; SL 2011, ch 212, § 23.
Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds or collective investment funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as cofiduciaries.
Any common trust fund or collective investment fund authorized by this chapter shall be established and maintained in accordance with 12 C.F.R. 9.18 as of January 1, 2011.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.