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51A-6A-66Exclusion of entity from chapters 51A-5, 51A-6, and 51A-6A--Governing documents--Notice to director.

An entity may be excluded from the provisions of chapters 51A-5, 51A-6, and 51A-6A if:

(1)    The entity is established for the exclusive purpose of acting as a trust protector, investment trust advisor, or distribution trust advisor, as defined by § 55-1B-1, or any combination of such purposes;

(2)    The entity is acting in such capacity under a trust instrument which names a South Dakota trust company, a South Dakota bank with trust powers, or a national bank with trust powers as trustee;

(3)    The entity is not engaged in trust company business with the general public as a public trust company or with any family as a private trust company;

(4)    The entity does not hold itself out as being in the business of acting as a fiduciary for hire as either a public or private trust company;

(5)    The entity files an annual report with the South Dakota secretary of state and provides a copy to the Division of Banking;

(6)    The entity agrees to be subject to examination by the Division of Banking at the discretion of the director; and

(7)    The entity does not use the word, trust, in the entity's name in any manner.

The governing documents of any such excluded entity shall limit its authorized activities to the functions permitted to a trust protector, investment trust advisor, or distribution trust advisor pursuant to chapter 55-1B, or any combination of such purposes, and limit the performance of those functions with respect to a specifically named trust or family of trusts.

An entity complying with this section shall notify the director of its existence, capacity to act, and the name of the trustee for the trust or family of trusts.

Source: SL 2011, ch 212, § 7; SL 2013, ch 239, § 11; SL 2018, ch 270, § 2.

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