55-6-1. Establishment and maintenance of common trust funds and collective investment funds–Purpose. 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 […]
55-6-1.1.Common trust fund defined. For purposes of this chapter, the term, common trust fund, is a fund as defined in 12 C.F.R. 9.18(a)(1) as of January 1, 2011, and is provided exemption from taxation according to 26 U.S. C. 584 as of January 1, 2011. Source: SL 2011, ch 212, §28.
55-6-1.2.Collective investment fund defined. For purposes of this chapter, the term, collective investment fund, is a fund as defined in 12 C.F. R. 9.18(a)(2) as of January 1, 2011, and is provided exemption from taxation according to Internal Revenue Service, Revenue Ruling 81-100, published March 30, 1981. Source: SL 2011, ch 212, §29.
55-6-2. Bank or trust company investment in funds. Any bank or trust company qualified to act as fiduciary in this state may, as such fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in common trust funds or collective investment funds established pursuant to §55-6-1, if such investment is not prohibited […]
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 […]
55-6-3. Compliance with law governing administration of trust estates. The bank or trust company operating such common trust funds or collective investment funds shall comply with the provisions of chapter 21-22 in the administration of the trust estate. Source: SL 1941, ch 20, §2; SDC Supp 1960, §6.0902; SL 2011, ch 212, §26.
55-6-4. Application of chapter. This chapter shall apply to fiduciary relationships in existence at the time this chapter takes effect or thereafter established. Source: SL 1941, ch 20, §7; SDC Supp 1960, §6.0904.
55-6-5. Uniformity of interpretation. This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. Source: SL 1941, ch 20, §3; SDC Supp 1960, §6.0903.
55-6-7. Citation of chapter. This chapter may be cited as the Uniform Common Trust Fund Act. Source: SL 1941, ch 20, §4; SDC Supp 1960, §6.0906.
