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 by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciary or cofiduciaries to such investment. Source: SL 1941, ch 20, §1; SDC Supp 1960, §6.0901; SL 2011, ch 212, §24.
South Dakota Legal Code