51A-5-2. Bank as trustee or custodian for retirement benefit plans.
Pursuant to rules of the commission and the terms of Public Law 93-406, the Employees Retirement Income Security Act of 1974 and the Self-employed Individuals Tax Retirement Act of 1962, a bank may act as trustee or custodian for individual retirement accounts, HR 10 Keogh accounts or both such accounts, or any other pension, profit-sharing, money purchase, or other retirement benefit plan.
Source: SDCL, §51-19-1 as added by SL 1975, ch 291; SL 1981, ch 346, §40; SL 1988, ch 377, §110; SDCL, §51-19-1.1.
Structure South Dakota Codified Laws
Chapter 05 - Trust Business Of Banks
Section 51A-5-1.1 - Powers of banks engaging in trust business.
Section 51A-5-1.2 - "Trust business" defined.
Section 51A-5-2 - Bank as trustee or custodian for retirement benefit plans.
Section 51A-5-3 - Fiduciary authority of bank authorized by charter to exercise trust powers.
Section 51A-5-11 - Investment powers of trust company.
Section 51A-5-12 - Voting of bank shares by cotrustee.
Section 51A-5-13 - Segregation of assets held by bank as fiduciary.
Section 51A-5-14 - Deposit of federally guaranteed securities with federal reserve bank.
Section 51A-5-15 - Records of depositor to show ownership of securities--Transfers by book entries.
Section 51A-5-16 - Custodian to certify deposited securities to fiduciary--Duty of fiduciary.
Section 51A-5-17 - Application of provisions to fiduciaries and custodians whenever appointed.
Section 51A-5-19 - Oath or bond not required of bank to qualify as fiduciary.
Section 51A-5-20 - Nominees used by bank acting as fiduciary or cofiduciary.
Section 51A-5-21 - Deposit in clearing corporation of securities held as fiduciary or custodian.
Section 51A-5-27 - Reports of committees designated to supervise fiduciary accounts.