60-13-1Trust for benefit of employees not invalidated by rule against perpetuities.

A trust of real or personal property, or real and personal property combined, created by an employer as part of a stock bonus pension, disability, death benefit, insurance, endowment, annuity or profit sharing plan for the benefit of some or all of the employer's employees, to which contributions are made by the employer or employees, or both, for the purpose of distributing to the employees the earnings or the principal, or both earnings and principal, of the fund held in trust, may continue in perpetuity or for such time as may be necessary to accomplish the purpose for which it is created. No such trust is invalid for violating any rule of law against perpetuities or suspension of the power of alienation of the title to property.

Source: SDC 1939, § 59.0119 as enacted by SL 1955, ch 428; SL 2008, ch 276, § 98.