South Dakota Codified Laws 47-14A-31. Exception to § 47-14A-30 for registered investment companies
Notwithstanding the provisions of § 47-14A-30, if a business trust is, becomes, or will become prior to or within one hundred eighty days following the first issuance of beneficial interests, a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. §§ 80a-1 et seq.), such business trust may not be required to have a trustee who is a resident of this state or who has a principal place of business in this state if notice that the business trust is or will become an investment company as referenced in this sentence is set forth in the certificate of trust of the business trust and if and for so long as such business trust shall have and maintain in this state:
(1) A registered office, which may, but need not be, a place of business in this state; and
Terms Used In South Dakota Codified Laws 47-14A-31
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Service of process: The service of writs or summonses to the appropriate party.
- Trustee: A person or institution holding and administering property in trust.
(2) A registered agent for service of process on the business trust, which agent may be either an individual resident in this state whose business office is identical with such business trust’s registered office, or a domestic corporation, or a foreign corporation authorized to transact business in this state, having a business office identical with such registered office.
Source: SL 2001, ch 245, § 31.