South Dakota Codified Laws 47-9A-4. Banks and trust companies exempt–Purchase of agricultural land through pooled investment fund excepted
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Any national or state chartered bank, or trust company, authorized to do business in this state shall be exempt from the provisions of this chapter; provided, however, that no national or state bank or trust company shall purchase agricultural lands in South Dakota through a pooled investment fund formed from assets from retirement, pension, profit sharing, stock bonds or other trusts.
Terms Used In South Dakota Codified Laws 47-9A-4
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- stock: include membership interests in a limited liability company. See South Dakota Codified Laws 47-9A-2
Source: SL 1974, ch 294, § 9; SL 1977, ch 383.