<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sdc873bd88769422b9e6c49943989961cNormal { text-align: center; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sdc873bd88769422b9e6c49943989961cHG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sdc873bd88769422b9e6c49943989961cDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sdc873bd88769422b9e6c49943989961cHG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sdc873bd88769422b9e6c49943989961cNormal-000000 { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sdc873bd88769422b9e6c49943989961c000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sdc873bd88769422b9e6c49943989961cB { margin-left: 1.38in; text-indent: -1.38in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS"><meta property="og:description" content="SDLRC Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=4-5"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cNormal"><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cHG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=4-5" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5</span></a></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cNormal"><span class="sdc873bd88769422b9e6c49943989961cHG4C">CUSTODY AND INVESTMENT OF STATE FUNDS</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cNormal-000000"><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961c000001"> </span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-1" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-1</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    State treasurer not to profit from use of funds--Felony--Civil liability.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-2" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-2</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Incidental funds established for state institutions--Initial warrant.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-3" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-3</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Purposes for which institution incidental funds may be used.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-4" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-4</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Accounting for disbursements and reimbursement of institution incidental funds.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-4.1" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-4.1</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Limitation of warrants on institutions' funds--Diversion of other funds prohibited--Proration of income.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-4.2" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-4.2</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Repealed by SL 1985, ch 33, § 35.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-5" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-5</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Investment of political subdivision funds--Funds subject to provisions.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-6" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-6</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Investment in securities of or guaranteed by United States, repurchase agreements, or shares of registered investment companies.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-6.1" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-6.1</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Investment of public funds not needed for current operating expenses--Conditions.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-6.2" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-6.2</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Investment in direct obligations of county, municipality, or school district or in bonds issued by state authority.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-7" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-7</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Superseded.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-8" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-8</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Investment policies for local funds determined by governing board.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-9" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-9</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Custody or deposit of investments--Exception--Credit of interest earned.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-10" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-10</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Application for redemption of securities.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-11" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-11</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Supplemental authority for investment of public funds.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-12" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-12</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    State Investment Council continued.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-12.1" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-12.1</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Regulations and reports provided to state treasurer.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-13" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-13</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Appointment and terms of investment council members.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-14" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-14</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Council members--Qualifications--Restrictions.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-14.1" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-14.1</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Exceptions to § </span><a href="https://sdlegislature.gov/Statutes?Statute=4-5-14" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-14</span></a><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-15" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-15</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Repealed by SL 1971, ch 23, § 2.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-16" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-16</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Removal of council member from office--Filling of vacancies.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-17" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-17</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Election of chairman.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-18" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-18</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Division of investment continued--Immediate supervision.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-18.1" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-18.1</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Repealed by SL 1974, ch 38, § 4.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-19" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-19</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Appointment of state investment officer--Removal--Qualifications.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-20" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-20</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Investment officer to devote full time--Salary.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-21" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-21</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    State employees' blanket bond coverage--Premium.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-22" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-22</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Annual budget for division--Appointment of employees.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-23" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-23</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Public funds to be invested by investment officer--Functions transferred--Agreements with risk-sharing entities.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-24" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-24</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Omitted.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-25" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-25</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Monthly reports to investment officer of state transactions.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-26" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-26</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Classes of investments approved.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-27" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-27</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Prudent-person standard required in investments.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-28" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-28</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Policy regulations and restrictions formulated by council.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-29" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-29</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Investment officer authorized to make transactions--Duty to protect state interests.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-29.1" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-29.1</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Health care trust fund--Investment officer to calculate amount eligible for distribution--Transfer to state general fund.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-29.2" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-29.2</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Education enhancement trust fund--Calculation of amount eligible for distribution--Transfer to general fund--Postsecondary scholarship grant programs.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-29.3" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-29.3</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Indemnity provision--Authorization.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-30" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-30</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Pooling of cash accounts--Certification by Appropriations Committee--Prorating of income--Transfer of money to investment council expense account.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-30.1" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-30.1</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=4-5-30.1" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-30.1</span></a><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">. Repealed by SL 2015, ch 37, § 1, eff. Mar. 13, 2015.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-31" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-31</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Physical custody of securities purchased--Deposit with fiscal agent.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-32" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-32</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Monthly report to investment council--Contents--Public inspection.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-33" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-33</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Meetings of investment council--Access to records--Inspection and review.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-34" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-34</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Proceedings to collect principal or interest on investments--Refunding of securities held.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-35" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-35</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Post-audit of investment transactions--Annual report of auditor-general.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-36" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-36</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Reports to Legislature by investment council.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-37" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-37</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Conflicts with other laws.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-38" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-38</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Severability of provisions.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-39" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-39</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Short title.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-40" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-40</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Agreement to purchase general obligation funding bonds--Certification and approval required--Bonds to bear interest, mature, etc.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-41" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-41</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    School district eligibility--Determination and certification.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-42" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-42</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Prudent investment defined--Liability.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-43" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-43</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Obligation to purchase--Enforceability.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-44" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-44</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Cost of participation.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-45" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-45</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=4-5-45" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-45</span></a><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">, 4-5-46. Repealed by SL 2015, ch 39, §§ 3, 4.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-47" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-47</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Investment of trust fund containing proceeds from sale of state cement enterprises.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-48" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Definition of terms related to investments in companies liable under Iran Sanctions Act.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-49" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-49</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Identification of holdings in scrutinized companies.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-50" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-50</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    List of scrutinized companies.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-51" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-51</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Updating scrutinized companies list.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-52" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-52</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Procedures with respect to companies on scrutinized companies list.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-53" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-53</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Divestiture of securities in companies with scrutinized business operations.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-54" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-54</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Acquisition of securities in companies with scrutinized business operations prohibited.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-55" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-55</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Exemption from divestiture requirements.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-56" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-56</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Inapplicability to certain investments.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-57" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-57</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Indirect holdings in actively managed investment funds.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-58" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-58</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Report to Legislative Research Council Executive Board.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-59" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-59</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Circumstances under which §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=4-5-48" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=4-5-60" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-60</span></a><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">, inclusive, become inoperative.</span></p><p dir="ltr" class="sdc873bd88769422b9e6c49943989961cB"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-60" rel="noopener"><span class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">4-5-60</span></a><span xml:space="preserve" class="sdc873bd88769422b9e6c49943989961cDefaultParagraphFont">    Construction with other state law.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033766Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033766SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033766CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033766Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033766DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033766000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033766SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033766SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033766Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-1"><span class="s2033766SENU">4-5-1</span></a><span xml:space="preserve" class="s2033766SENU">. </span><span class="s2033766CL">State treasurer not to profit from use of funds--Felony--Civil liability.</span></p><p dir="ltr" class="s2033766Normal-000000"><span xml:space="preserve" class="s2033766DefaultParagraphFont">The making of profit, directly or indirectly, by the state treasurer, out of any money in the state treasury belonging to the state, with the custody of which the state treasurer is charged, by loaning or otherwise using it, or the removal by the state treasurer, or by his consent, of such money or any part thereof out of the vault or safe of the treasurer's department, or out of any legal depository of such money, except for the payment of the sums authorized by law to be paid, for the purpose of depositing the same, under the provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-6"><span class="s2033766DefaultParagraphFont">4-6</span></a><span class="s2033766DefaultParagraphFont">, in banks which shall have qualified as depositories, is a Class 6 felony, and the treasurer shall be liable upon his official bond for all profits realized from such unlawful use of such funds.</span></p><p dir="ltr" class="s2033766Normal"><span xml:space="preserve" class="s2033766000001"> </span></p><p dir="ltr" class="s2033766Normal"><span class="s2033766SCL">Source:</span><span xml:space="preserve" class="s2033766SCL-000002"> SL 1909, ch 229, § 10; SL 1911, ch 234, § 10; RC 1919, § 6881; SDC 1939, § 55.9917; SL 1980, ch 24, § 55.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033767Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033767SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033767CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033767Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033767DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033767000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033767SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033767SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033767Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-2"><span class="s2033767SENU">4-5-2</span></a><span xml:space="preserve" class="s2033767SENU">. </span><span class="s2033767CL">Incidental funds established for state institutions--Initial warrant.</span></p><p dir="ltr" class="s2033767Normal-000000"><span class="s2033767DefaultParagraphFont">A permanent incidental fund is hereby established at each of the institutions under the control of the State Board of Regents and of the executive branch. To provide the money for such fund, the state auditor may issue and deliver a warrant not in excess of five thousand dollars to the proper officer of each of the institutions, drawn on the local and endowment fund thereof, upon presentation of a properly executed voucher therefor.</span></p><p dir="ltr" class="s2033767Normal"><span xml:space="preserve" class="s2033767000001"> </span></p><p dir="ltr" class="s2033767Normal"><span class="s2033767SCL">Source:</span><span xml:space="preserve" class="s2033767SCL-000002"> SL 1953, ch 315; SL 1955, ch 257; SDC Supp 1960, § 55.2205-1; SL 1965, ch 242, § 1; SL 1989, ch 20, § 47.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033768Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033768SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033768CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033768Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033768DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033768000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033768SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033768SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033768Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-3"><span class="s2033768SENU">4-5-3</span></a><span xml:space="preserve" class="s2033768SENU">. </span><span class="s2033768CL">Purposes for which institution incidental funds may be used.</span></p><p dir="ltr" class="s2033768Normal-000000"><span class="s2033768DefaultParagraphFont">Such permanent incidental fund shall be kept and used by the proper officer of the respective institutions, for the advanced payment of freight, express, periodicals, books, postage, gate money, all United States postal supplies and refund of tuition and student fees, utility bills, farm produce purchased on the open market, compensation and wages of emergency or temporary help in any amount, and such other minor bills and incidental expenses which are not in excess of fifty dollars each as shall require immediate payment, pending the issuance of the state auditor's warrant upon the state treasurer therefor, and for no other purpose whatsoever.</span></p><p dir="ltr" class="s2033768Normal"><span xml:space="preserve" class="s2033768000001"> </span></p><p dir="ltr" class="s2033768Normal"><span class="s2033768SCL">Source:</span><span xml:space="preserve" class="s2033768SCL-000002"> SL 1953, ch 315; SL 1955, ch 257; SDC Supp 1960, § 55.2205-1; SL 1965, ch 242, § 1; SL 1977, ch 38; SL 1980, ch 37.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033769Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033769SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033769CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033769Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033769DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033769DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033769000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033769SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033769SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033769Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-4"><span class="s2033769SENU">4-5-4</span></a><span xml:space="preserve" class="s2033769SENU">. </span><span class="s2033769CL">Accounting for disbursements and reimbursement of institution incidental funds.</span></p><p dir="ltr" class="s2033769Normal-000000"><span class="s2033769DefaultParagraphFont">In each case, where such a payment is made, the amount thereof shall be returned to said permanent incidental fund immediately upon receipt of the state auditor's warrant drawn on the proper fund or appropriation covering the bill for which said payment was advanced and for that purpose a detailed account of the expenses so paid shall, at regular intervals, be presented with verified vouchers, itemized and supported by receipted bills, or other information as may be required by the state auditor and auditor</span><span class="s2033769DefaultParagraphFont-000001">-</span><span xml:space="preserve" class="s2033769DefaultParagraphFont">general as evidence of payment, which shall be subject to audit and approval as other state claim vouchers. No payments shall be made in advance of the proper presentation of claim vouchers to the state auditor and the issuance of a state warrant on the state treasury by any of the institutions covered by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-2"><span class="s2033769DefaultParagraphFont">4-5-2</span></a><span xml:space="preserve" class="s2033769DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-4"><span class="s2033769DefaultParagraphFont">4-5-4</span></a><span class="s2033769DefaultParagraphFont">, inclusive, except as authorized herein.</span></p><p dir="ltr" class="s2033769Normal"><span xml:space="preserve" class="s2033769000002"> </span></p><p dir="ltr" class="s2033769Normal"><span class="s2033769SCL">Source:</span><span xml:space="preserve" class="s2033769SCL-000003"> SL 1953, ch 315; SL 1955, ch 257; SDC Supp 1960, § 55.2205-1; SL 1965, ch 242, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033770Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033770SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033770CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033770Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033770DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033770000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033770SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033770SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033770Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-4.1"><span class="s2033770SENU">4-5-4.1</span></a><span xml:space="preserve" class="s2033770SENU">. </span><span class="s2033770CL">Limitation of warrants on institutions' funds--Diversion of other funds prohibited--Proration of income.</span></p><p dir="ltr" class="s2033770Normal-000000"><span xml:space="preserve" class="s2033770DefaultParagraphFont">No warrants shall be drawn in excess of the funds made available in the institutions' funds by the Board of Regents and at no time shall any money from other funds be diverted to the use of the institutions' funds. The state investment officer shall prorate all income to the institutions as required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-30"><span class="s2033770DefaultParagraphFont">4-5-30</span></a><span class="s2033770DefaultParagraphFont">.</span></p><p dir="ltr" class="s2033770Normal"><span xml:space="preserve" class="s2033770000001"> </span></p><p dir="ltr" class="s2033770Normal"><span class="s2033770SCL">Source:</span><span xml:space="preserve" class="s2033770SCL-000002"> SL 1977, ch 37, § 1; SL 1985, ch 33, § 34.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033771Normal { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033771SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033771CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033771Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-4.2"><span class="s2033771SENU">4-5-4.2</span></a><span xml:space="preserve" class="s2033771SENU">. </span><span class="s2033771CL">Repealed by SL 1985, ch 33, § 35.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033772Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033772SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033772CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033772Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033772DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033772000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033772SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033772SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033772Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-5"><span class="s2033772SENU">4-5-5</span></a><span xml:space="preserve" class="s2033772SENU">. </span><span class="s2033772CL">Investment of political subdivision funds--Funds subject to provisions.</span></p><p dir="ltr" class="s2033772Normal-000000"><span xml:space="preserve" class="s2033772DefaultParagraphFont">"Public funds" in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-6"><span class="s2033772DefaultParagraphFont">4-5-6</span></a><span xml:space="preserve" class="s2033772DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-11"><span class="s2033772DefaultParagraphFont">4-5-11</span></a><span class="s2033772DefaultParagraphFont">, inclusive, shall include all general, special, and other funds, regardless of source or purpose, that may now or hereafter be owned, held, or administered by any political subdivision of this state, including counties, municipalities, townships, and school districts, or by any officer, commission, board, bureau, or agency of the political subdivision.</span></p><p dir="ltr" class="s2033772Normal"><span xml:space="preserve" class="s2033772000001"> </span></p><p dir="ltr" class="s2033772Normal"><span class="s2033772SCL">Source:</span><span xml:space="preserve" class="s2033772SCL-000002"> SL 1945, ch 359, § 1; SDC Supp 1960, § 48.0507; SL 1961, ch 258, § 1; SL 1967, ch 237, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033773Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033773SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033773CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033773Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033773DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033773DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033773000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033773SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033773SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033773Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-6"><span class="s2033773SENU">4-5-6</span></a><span xml:space="preserve" class="s2033773SENU">. </span><span class="s2033773CL">Investment in securities of or guaranteed by United States, repurchase agreements, or shares of registered investment companies.</span></p><p dir="ltr" class="s2033773Normal-000000"><span xml:space="preserve" class="s2033773DefaultParagraphFont">Any public funds which will not be needed for current operating expenses may be invested in: (a) securities of the United States and securities guaranteed by the United States government either directly or indirectly including, without limitation, United States treasury bills, notes, bonds, and other obligations issued or directly or indirectly guaranteed by the United States government, or otherwise directly or indirectly backed by the full faith and credit of the United States government; provided that, for other than permanent, trust, retirement, building, and depreciation reserve funds, such securities shall either mature within eighteen months from the date of purchase or be redeemable at the option of the holder within eighteen months from the date of purchase; or (b) repurchase agreements fully collateralized by securities described in (a) and meeting the requirements of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-9"><span class="s2033773DefaultParagraphFont">4-5-9</span></a><span class="s2033773DefaultParagraphFont">, if the repurchase agreements are entered into only with those primary reporting dealers that report to the Federal Reserve Bank of New York and with the one hundred largest United States commercial banks, as measured by domestic deposits; or (c) in shares of an open</span><span class="s2033773DefaultParagraphFont-000001">-</span><span class="s2033773DefaultParagraphFont">end, no</span><span class="s2033773DefaultParagraphFont-000001">-</span><span class="s2033773DefaultParagraphFont">load fund administered by an investment company registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933 and whose only investments are in securities described in (a) and repurchase agreements described in (b).</span></p><p dir="ltr" class="s2033773Normal"><span xml:space="preserve" class="s2033773000002"> </span></p><p dir="ltr" class="s2033773Normal"><span class="s2033773SCL">Source:</span><span xml:space="preserve" class="s2033773SCL-000003"> SL 1945, ch 359, § 1; SDC Supp 1960, § 48.0507; SL 1961, ch 258, § 1; SL 1967, ch 237, § 1; SL 1988, ch 44, § 1; SL 1995, ch 27.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033774Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033774SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033774CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033774Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033774DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033774Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033774000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033774SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033774SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033774Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-6.1"><span class="s2033774SENU">4-5-6.1</span></a><span xml:space="preserve" class="s2033774SENU">. </span><span class="s2033774CL">Investment of public funds not needed for current operating expenses--Conditions.</span></p><p dir="ltr" class="s2033774Normal-000000"><span class="s2033774DefaultParagraphFont">In lieu of or in addition to other statutory authorization for the investment of public funds, any public funds that are not needed for current operating expenses may be invested in accordance with the following conditions:</span></p><p dir="ltr" class="s2033774Normal-000001"><span class="s2033774DefaultParagraphFont">(1)    The public funds shall initially be placed by the public funds depositor in a bank located in this state which offers Federal Deposit Insurance Corporation insurance on its deposits;</span></p><p dir="ltr" class="s2033774Normal-000001"><span class="s2033774DefaultParagraphFont">(2)    The selected bank shall arrange for the deposit of the public funds in one or more federally insured financial institutions wherever located in the United States, for the account of the public funds depositor;</span></p><p dir="ltr" class="s2033774Normal-000001"><span class="s2033774DefaultParagraphFont">(3)    On the same date that the public funds are deposited pursuant to subdivision (2) of this section, the selected bank shall receive an amount of deposits from customers of other federally insured financial institutions equal to the amount of the public funds initially placed by the public funds depositor;</span></p><p dir="ltr" class="s2033774Normal-000001"><span class="s2033774DefaultParagraphFont">(4)    Each such deposit shall be insured by the Federal Deposit Insurance Corporation;</span></p><p dir="ltr" class="s2033774Normal-000001"><span class="s2033774DefaultParagraphFont">(5)    The selected bank shall act as custodian for the public funds depositor with respect to the deposits placed in the depositor's account.</span></p><p dir="ltr" class="s2033774Normal"><span xml:space="preserve" class="s2033774000002"> </span></p><p dir="ltr" class="s2033774Normal"><span class="s2033774SCL">Source:</span><span xml:space="preserve" class="s2033774SCL-000003"> SL 2004, ch 61, § 1; SL 2012, ch 31, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033775Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033775SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033775CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033775Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033775DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033775Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2033775Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033775000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033775SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033775SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033775Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-6.2"><span class="s2033775SENU">4-5-6.2</span></a><span xml:space="preserve" class="s2033775SENU">. </span><span class="s2033775CL">Investment in direct obligations of county, municipality, or school district or in bonds issued by state authority.</span></p><p dir="ltr" class="s2033775Normal-000000"><span xml:space="preserve" class="s2033775DefaultParagraphFont">In addition to the investments permitted by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-6"><span class="s2033775DefaultParagraphFont">4-5-6</span></a><span class="s2033775DefaultParagraphFont">, any public funds which are not needed for current operating expenses may be invested in:</span></p><p dir="ltr" class="s2033775Normal-000001"><span class="s2033775DefaultParagraphFont">(1)    Direct obligations of any county, municipality, or school district in the state; and</span></p><p dir="ltr" class="s2033775Normal-000001"><span class="s2033775DefaultParagraphFont">(2)    Bonds issued by the South Dakota Housing Development Authority, the South Dakota Health and Educational Facilities Authority, or the South Dakota Building Authority.</span></p><p dir="ltr" class="s2033775Normal-000002"><span class="s2033775DefaultParagraphFont">The investments shall be registered in the name of the political subdivision or authority or held under a custodial agreement at a bank. The investments shall be rated at the time of purchase within the two highest general classifications established by a rating service of nationally recognized expertise in rating bonds of states and their political subdivisions. Other than permanent, trust, retirement, building, and depreciation reserve funds, such securities as provided in subdivisions (1) and (2) shall mature with eighteen months from the date of purchase or be redeemable at par at the option of the holder within eighteen months from the date of purchase.</span></p><p dir="ltr" class="s2033775Normal-000002"><span xml:space="preserve" class="s2033775DefaultParagraphFont">Moneys in any bond redemption fund may be invested only in the types of investments listed in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-6"><span class="s2033775DefaultParagraphFont">4-5-6</span></a><span class="s2033775DefaultParagraphFont">. The investments shall be due and payable on or before the date when the bonds for the payment of which the bond redemption fund was created become due and payable, except bonds of the United States redeemable at par.</span></p><p dir="ltr" class="s2033775Normal-000002"><span class="s2033775DefaultParagraphFont">No restriction in this section limits the investment authority otherwise granted under the laws of this state.</span></p><p dir="ltr" class="s2033775Normal"><span xml:space="preserve" class="s2033775000003"> </span></p><p dir="ltr" class="s2033775Normal"><span class="s2033775SCL">Source:</span><span xml:space="preserve" class="s2033775SCL-000004"> SL 2011, ch 26, § 1; SL 2012, ch 32, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033776Normal { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033776SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033776CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033776Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-7"><span class="s2033776SENU">4-5-7</span></a><span xml:space="preserve" class="s2033776SENU">. </span><span class="s2033776CL">Superseded.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033777Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033777SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033777CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033777Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033777DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033777000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033777SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033777SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033777Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-8"><span class="s2033777SENU">4-5-8</span></a><span xml:space="preserve" class="s2033777SENU">. </span><span class="s2033777CL">Investment policies for local funds determined by governing board.</span></p><p dir="ltr" class="s2033777Normal-000000"><span xml:space="preserve" class="s2033777DefaultParagraphFont">Investments of public funds as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-5"><span class="s2033777DefaultParagraphFont">4-5-5</span></a><span xml:space="preserve" class="s2033777DefaultParagraphFont"> shall be made only after the adoption of a proper resolution by the governing board of such county, municipality, township, or school district. Such resolution shall state the investment policies to be followed by the treasurer thereof.</span></p><p dir="ltr" class="s2033777Normal"><span xml:space="preserve" class="s2033777000001"> </span></p><p dir="ltr" class="s2033777Normal"><span class="s2033777SCL">Source:</span><span xml:space="preserve" class="s2033777SCL-000002"> SL 1945, ch 359, § 2; SDC Supp 1960, § 48.0507; SL 1961, ch 258, § 1; SL 1967, ch 237, § 1; SL 1972, ch 25.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033778Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033778SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033778CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033778Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033778DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033778000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033778SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033778SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033778Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-9"><span class="s2033778SENU">4-5-9</span></a><span xml:space="preserve" class="s2033778SENU">. </span><span class="s2033778CL">Custody or deposit of investments--Exception--Credit of interest earned.</span></p><p dir="ltr" class="s2033778Normal-000000"><span xml:space="preserve" class="s2033778DefaultParagraphFont">Except for investments authorized by subdivision 4-5-6(c), all investments made pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-5"><span class="s2033778DefaultParagraphFont">4-5-5</span></a><span xml:space="preserve" class="s2033778DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-6"><span class="s2033778DefaultParagraphFont">4-5-6</span></a><span xml:space="preserve" class="s2033778DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-8"><span class="s2033778DefaultParagraphFont">4-5-8</span></a><span xml:space="preserve" class="s2033778DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-23"><span class="s2033778DefaultParagraphFont">4-5-23</span></a><span xml:space="preserve" class="s2033778DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-28"><span class="s2033778DefaultParagraphFont">4-5-28</span></a><span xml:space="preserve" class="s2033778DefaultParagraphFont"> shall be in the physical custody of the political subdivision or may be deposited in a safekeeping account with any bank or trust company designated by the political subdivision as its fiscal agent. The interest earned shall be credited to the respective fund or the general fund.</span></p><p dir="ltr" class="s2033778Normal"><span xml:space="preserve" class="s2033778000001"> </span></p><p dir="ltr" class="s2033778Normal"><span class="s2033778SCL">Source:</span><span xml:space="preserve" class="s2033778SCL-000002"> SL 1945, ch 359, § 3; SDC Supp 1960, § 48.0507; SL 1961, ch 258, § 1; SL 1967, ch 237, § 1; SL 1988, ch 44, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033779Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033779SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033779CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033779Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033779DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033779000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033779SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033779SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033779Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-10"><span class="s2033779SENU">4-5-10</span></a><span xml:space="preserve" class="s2033779SENU">. </span><span class="s2033779CL">Application for redemption of securities.</span></p><p dir="ltr" class="s2033779Normal-000000"><span class="s2033779DefaultParagraphFont">The governing bodies of such counties, municipalities, townships, and school districts shall, either at the time of purchase or at any other time, direct the time and manner of making application for redemption of such securities.</span></p><p dir="ltr" class="s2033779Normal"><span xml:space="preserve" class="s2033779000001"> </span></p><p dir="ltr" class="s2033779Normal"><span class="s2033779SCL">Source:</span><span xml:space="preserve" class="s2033779SCL-000002"> SL 1945, ch 359, § 2; SDC Supp 1960, § 48.0507; SL 1961, ch 258, § 1; SL 1967, ch 237, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033780Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033780SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033780CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033780Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033780DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033780000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033780SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033780SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033780Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-11"><span class="s2033780SENU">4-5-11</span></a><span xml:space="preserve" class="s2033780SENU">. </span><span class="s2033780CL">Supplemental authority for investment of public funds.</span></p><p dir="ltr" class="s2033780Normal-000000"><span xml:space="preserve" class="s2033780DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-5"><span class="s2033780DefaultParagraphFont">4-5-5</span></a><span xml:space="preserve" class="s2033780DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-10"><span class="s2033780DefaultParagraphFont">4-5-10</span></a><span class="s2033780DefaultParagraphFont">, inclusive, are supplemental to any other laws relating to the investment, deposit, or administration of the public funds therein specified, and shall supersede the provisions thereof only to the extent that such other laws may restrict or prohibit investments in accordance with the provisions thereof.</span></p><p dir="ltr" class="s2033780Normal"><span xml:space="preserve" class="s2033780000001"> </span></p><p dir="ltr" class="s2033780Normal"><span class="s2033780SCL">Source:</span><span xml:space="preserve" class="s2033780SCL-000002"> SL 1945, ch 359, § 3; SDC Supp 1960, § 48.0507; SL 1961, ch 258, § 1; SL 1967, ch 237, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033781Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033781SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033781CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033781Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033781DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033781000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033781SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033781SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033781Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-12"><span class="s2033781SENU">4-5-12</span></a><span xml:space="preserve" class="s2033781SENU">. </span><span class="s2033781CL">State Investment Council continued.</span></p><p dir="ltr" class="s2033781Normal-000000"><span class="s2033781DefaultParagraphFont">The State Investment Council is hereby continued.</span></p><p dir="ltr" class="s2033781Normal"><span xml:space="preserve" class="s2033781000001"> </span></p><p dir="ltr" class="s2033781Normal"><span class="s2033781SCL">Source:</span><span xml:space="preserve" class="s2033781SCL-000002"> SL 1971, ch 27, § 1; SL 1974, ch 38, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033782Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033782SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033782CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033782Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033782DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033782000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033782SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033782SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033782Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-12.1"><span class="s2033782SENU">4-5-12.1</span></a><span xml:space="preserve" class="s2033782SENU">. </span><span class="s2033782CL">Regulations and reports provided to state treasurer.</span></p><p dir="ltr" class="s2033782Normal-000000"><span xml:space="preserve" class="s2033782DefaultParagraphFont">For the purposes of S.D. Const., Art. IV, § 8, the State Investment Council and Division of Investment are allocated to the Office of the State Treasurer for reporting purposes only. For the purposes of this section, reporting purposes shall mean that the State Investment Council shall provide to the state treasurer a report of the investment policy regulations adopted pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-28"><span class="s2033782DefaultParagraphFont">4-5-28</span></a><span xml:space="preserve" class="s2033782DefaultParagraphFont"> and the monthly report of the state investment officer submitted to it in compliance with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-32"><span class="s2033782DefaultParagraphFont">4-5-32</span></a><span class="s2033782DefaultParagraphFont">.</span></p><p dir="ltr" class="s2033782Normal"><span xml:space="preserve" class="s2033782000001"> </span></p><p dir="ltr" class="s2033782Normal"><span class="s2033782SCL">Source:</span><span xml:space="preserve" class="s2033782SCL-000002"> SL 1973, ch 2, §§ 5, 17; SL 1974, ch 38, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033783Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033783SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033783CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033783Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033783DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033783000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033783SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033783SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033783Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-13"><span class="s2033783SENU">4-5-13</span></a><span xml:space="preserve" class="s2033783SENU">. </span><span class="s2033783CL">Appointment and terms of investment council members.</span></p><p dir="ltr" class="s2033783Normal-000000"><span class="s2033783DefaultParagraphFont">The State Investment Council shall consist of eight voting members. Five members of the council shall be appointed by the Executive Board of the Legislative Research Council and the executive board may appoint persons holding public office, appointive or elective, provided that no more than three members of the State Investment Council, at any one time, shall hold public office. Action shall be by majority vote. Each of the members of the State Investment Council shall be appointed for a term of five years. No more than four appointed members may be members of the same political party. In addition to those members appointed by the executive board, the state treasurer, the commissioner of school and public lands, and the executive director of the South Dakota Retirement System shall serve as ex officio voting members.</span></p><p dir="ltr" class="s2033783Normal"><span xml:space="preserve" class="s2033783000001"> </span></p><p dir="ltr" class="s2033783Normal"><span class="s2033783SCL">Source:</span><span xml:space="preserve" class="s2033783SCL-000002"> SL 1971, ch 27, §§ 2, 3; SL 1976, ch 49; SL 1977, ch 35, § 2; SL 1981, ch 28, § 1; SL 1986, ch 42, § 1; SL 2016, ch 35, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079965Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2079965SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079965CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079965Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2079965DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079965000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079965DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079965SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2079965Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-14"><span class="s2079965SENU">4-5-14</span></a><span xml:space="preserve" class="s2079965SENU">. </span><span class="s2079965CL">Council members Qualifications--Restrictions.</span></p><p dir="ltr" class="s2079965Statute"><span xml:space="preserve" class="s2079965DefaultParagraphFont">The members of the State Investment Council shall be qualified by training and experience in the field of investment or finance. During tenure as a member of the State Investment Council, no member of the council nor the firm of any member may engage in the sale of marketable or public securities to the state, or to any fund thereof, which are invested by the State Investment Council. No member may benefit directly or indirectly from any transaction made by the state investment officer. No member may hold any office, position, or employment in any political party. Except as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-14.1"><span class="s2079965DefaultParagraphFont">4-5-14.1</span></a><span class="s2079965DefaultParagraphFont">, the council may not enter into any contract or transaction with any firm or business in which a council member serves as a principal, shareholder, trustee, director, officer, employee, agent, or independent contractor.</span></p><p dir="ltr" class="s2079965Normal"><span xml:space="preserve" class="s2079965000000"> </span></p><p dir="ltr" class="s2079965Normal"><span xml:space="preserve" class="s2079965DefaultParagraphFont-000001">Source: </span><span class="s2079965SCL">SL 1971, ch 27, § 4; SL 2003, ch 28, § 1; SL 2020, ch 20, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033785Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033785SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033785CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033785Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033785DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033785Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033785000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033785SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033785SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033785Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-14.1"><span class="s2033785SENU">4-5-14.1</span></a><span xml:space="preserve" class="s2033785SENU">. </span><span xml:space="preserve" class="s2033785CL">Exceptions to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-14"><span class="s2033785CL">4-5-14</span></a><span class="s2033785CL">.</span></p><p dir="ltr" class="s2033785Normal-000000"><span xml:space="preserve" class="s2033785DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-14"><span class="s2033785DefaultParagraphFont">4-5-14</span></a><span xml:space="preserve" class="s2033785DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-14.1"><span class="s2033785DefaultParagraphFont">4-5-14.1</span></a><span class="s2033785DefaultParagraphFont">, inclusive, do not prohibit a transaction that:</span></p><p dir="ltr" class="s2033785Normal-000001"><span class="s2033785DefaultParagraphFont">(1)    Affects the public generally, and the council member's personal interest is only affected by virtue of being a member of the general public; or</span></p><p dir="ltr" class="s2033785Normal-000001"><span class="s2033785DefaultParagraphFont">(2)    Affects participants in the South Dakota Retirement System generally, and the council member's personal interest is only affected by virtue of being a participant in the South Dakota Retirement System; or</span></p><p dir="ltr" class="s2033785Normal-000001"><span xml:space="preserve" class="s2033785DefaultParagraphFont">(3)    Involves the acceptance of deposits under a statewide certificate of deposit program made generally available to South Dakota financial institutions or the sale of interests in the South Dakota Higher Education Savings Program authorized pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=13-63"><span class="s2033785DefaultParagraphFont">13-63</span></a><span xml:space="preserve" class="s2033785DefaultParagraphFont"> even though the council member has an interest as a principal, shareholder, trustee, director, officer, employee, independent contractor, or advisor of a financial institution or firm that would accept such deposits or sell such interests, if the council member has disclosed such interest in such financial institution or firm to the council.</span></p><p dir="ltr" class="s2033785Normal"><span xml:space="preserve" class="s2033785000002"> </span></p><p dir="ltr" class="s2033785Normal"><span class="s2033785SCL">Source:</span><span xml:space="preserve" class="s2033785SCL-000003"> SL 2003, ch 28, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033786Normal { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033786SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033786CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033786Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-15"><span class="s2033786SENU">4-5-15</span></a><span xml:space="preserve" class="s2033786SENU">. </span><span class="s2033786CL">Repealed by SL 1971, ch 23, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033787Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033787SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033787CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033787Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033787DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033787000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033787SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033787SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033787Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-16"><span class="s2033787SENU">4-5-16</span></a><span xml:space="preserve" class="s2033787SENU">. </span><span class="s2033787CL">Removal of council member from office--Filling of vacancies.</span></p><p dir="ltr" class="s2033787Normal-000000"><span class="s2033787DefaultParagraphFont">A member of the State Investment Council appointed by the Executive Board of the Legislative Research Council may be removed from office by the Executive Board of the Legislative Research Council, for cause, upon notice and opportunity to be heard at a public hearing. Any vacancy in the membership of the council occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only.</span></p><p dir="ltr" class="s2033787Normal"><span xml:space="preserve" class="s2033787000001"> </span></p><p dir="ltr" class="s2033787Normal"><span class="s2033787SCL">Source:</span><span xml:space="preserve" class="s2033787SCL-000002"> SL 1971, ch 27, § 5; SL 1981, ch 28, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033788Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033788SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033788CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033788Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033788DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033788000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033788SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033788SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033788Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-17"><span class="s2033788SENU">4-5-17</span></a><span xml:space="preserve" class="s2033788SENU">. </span><span class="s2033788CL">Election of chairman.</span></p><p dir="ltr" class="s2033788Normal-000000"><span class="s2033788DefaultParagraphFont">The chairman and presiding officer of the State Investment Council shall be elected by majority vote of the council.</span></p><p dir="ltr" class="s2033788Normal"><span xml:space="preserve" class="s2033788000001"> </span></p><p dir="ltr" class="s2033788Normal"><span class="s2033788SCL">Source:</span><span xml:space="preserve" class="s2033788SCL-000002"> SL 1971, ch 27, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033789Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033789SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033789CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033789Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033789DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033789000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033789SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033789SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033789Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-18"><span class="s2033789SENU">4-5-18</span></a><span xml:space="preserve" class="s2033789SENU">. </span><span class="s2033789CL">Division of investment continued--Immediate supervision.</span></p><p dir="ltr" class="s2033789Normal-000000"><span class="s2033789DefaultParagraphFont">The division of investment is hereby continued, to conduct the daily operations of the State Investment Council and the division shall be under the immediate supervision and direction of a person who shall be designated the "state investment officer."</span></p><p dir="ltr" class="s2033789Normal"><span xml:space="preserve" class="s2033789000001"> </span></p><p dir="ltr" class="s2033789Normal"><span class="s2033789SCL">Source:</span><span xml:space="preserve" class="s2033789SCL-000002"> SL 1971, ch 27, § 8; SL 1974, ch 38, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033790Normal { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033790SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033790CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033790Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-18.1"><span class="s2033790SENU">4-5-18.1</span></a><span xml:space="preserve" class="s2033790SENU">. </span><span class="s2033790CL">Repealed by SL 1974, ch 38, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033791Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033791SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033791CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033791Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033791DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033791000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033791SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033791SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033791Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-19"><span class="s2033791SENU">4-5-19</span></a><span xml:space="preserve" class="s2033791SENU">. </span><span class="s2033791CL">Appointment of state investment officer--Removal--Qualifications.</span></p><p dir="ltr" class="s2033791Normal-000000"><span class="s2033791DefaultParagraphFont">The state investment officer shall be appointed by the State Investment Council upon a majority vote and shall serve without term, but he may be removed from office upon a majority vote of the State Investment Council. He shall be a person qualified, by training and investment experience, to direct the work of the Division of Investment.</span></p><p dir="ltr" class="s2033791Normal"><span xml:space="preserve" class="s2033791000001"> </span></p><p dir="ltr" class="s2033791Normal"><span class="s2033791SCL">Source:</span><span xml:space="preserve" class="s2033791SCL-000002"> SL 1971, ch 27, §§ 9, 10; SL 1986, ch 42, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033792Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033792SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033792CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033792Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033792DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033792000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033792SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033792SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033792Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-20"><span class="s2033792SENU">4-5-20</span></a><span xml:space="preserve" class="s2033792SENU">. </span><span class="s2033792CL">Investment officer to devote full time--Salary.</span></p><p dir="ltr" class="s2033792Normal-000000"><span class="s2033792DefaultParagraphFont">The state investment officer shall devote his entire time and attention to the duties of his office, shall not be engaged in any other occupation or profession, nor shall he hold any other public office, appointive or elective. The salary of the state investment officer shall be set by the Executive Board of the Legislative Research Council.</span></p><p dir="ltr" class="s2033792Normal"><span xml:space="preserve" class="s2033792000001"> </span></p><p dir="ltr" class="s2033792Normal"><span class="s2033792SCL">Source:</span><span xml:space="preserve" class="s2033792SCL-000002"> SL 1971, ch 27, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033793Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033793SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033793CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033793Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033793DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033793000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033793SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033793SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033793Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-21"><span class="s2033793SENU">4-5-21</span></a><span xml:space="preserve" class="s2033793SENU">. </span><span class="s2033793CL">State employees' blanket bond coverage--Premium.</span></p><p dir="ltr" class="s2033793Normal-000000"><span class="s2033793DefaultParagraphFont">Before the state investment officer, or other responsible employee of the Division of Investment shall enter upon his duties, he shall be included under the state employees' blanket bond, for an amount and for coverage as deemed best to protect the state's interest. The premium thereon shall not be chargeable to the officer or employee.</span></p><p dir="ltr" class="s2033793Normal"><span xml:space="preserve" class="s2033793000001"> </span></p><p dir="ltr" class="s2033793Normal"><span class="s2033793SCL">Source:</span><span xml:space="preserve" class="s2033793SCL-000002"> SL 1971, ch 27, § 11.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033794Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033794SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033794CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033794Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033794DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033794000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033794SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033794SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033794Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-22"><span class="s2033794SENU">4-5-22</span></a><span xml:space="preserve" class="s2033794SENU">. </span><span class="s2033794CL">Annual budget for division--Appointment of employees.</span></p><p dir="ltr" class="s2033794Normal-000000"><span class="s2033794DefaultParagraphFont">The state investment officer shall annually prepare a budget which shall be reviewed and approved by the State Investment Council and the Executive Board of the Legislative Research Council, prior to submission to the Bureau of Finance and Management. Subject to the appropriate rules and regulations regarding state employment, the state investment officer shall appoint all employees of the Division of Investment.</span></p><p dir="ltr" class="s2033794Normal"><span xml:space="preserve" class="s2033794000001"> </span></p><p dir="ltr" class="s2033794Normal"><span class="s2033794SCL">Source:</span><span xml:space="preserve" class="s2033794SCL-000002"> SL 1971, ch 27, § 12; SL 1987, ch 44, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033795Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033795SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033795CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033795CL-000000 { font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033795Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033795DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033795000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033795SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033795SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033795Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-23"><span class="s2033795SENU">4-5-23</span></a><span xml:space="preserve" class="s2033795SENU">. </span><span class="s2033795CL">Public funds to be invested by investment officer--Functions transferred--Agreements with risk</span><span class="s2033795CL-000000">-</span><span class="s2033795CL">sharing entities.</span></p><p dir="ltr" class="s2033795Normal-000001"><span xml:space="preserve" class="s2033795DefaultParagraphFont">The state investment officer is responsible for the investment of the state public funds as defined in chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-4"><span class="s2033795DefaultParagraphFont">4-4</span></a><span xml:space="preserve" class="s2033795DefaultParagraphFont">. All functions, powers, and duties presently vested by law in any officer, official, employee, agency, or commission which relates to the investment of the state public funds and accounts enumerated in this section are transferred to the state investment officer. In addition, the state investment officer may enter into agreements for the investment of cash accounts, reserves, and surplus funds with public entities created for the purpose of risk sharing pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-24"><span class="s2033795DefaultParagraphFont">1-24</span></a><span xml:space="preserve" class="s2033795DefaultParagraphFont">. These entities' investments shall be restricted as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-26"><span class="s2033795DefaultParagraphFont">4-5-26</span></a><span xml:space="preserve" class="s2033795DefaultParagraphFont">. The agreements shall provide for the transfer of money from the public entities investment pool to the investment council expense account as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-30"><span class="s2033795DefaultParagraphFont">4-5-30</span></a><span class="s2033795DefaultParagraphFont">.</span></p><p dir="ltr" class="s2033795Normal"><span xml:space="preserve" class="s2033795000002"> </span></p><p dir="ltr" class="s2033795Normal"><span class="s2033795SCL">Source:</span><span xml:space="preserve" class="s2033795SCL-000003"> SL 1971, ch 27, § 13; SL 1984, ch 30, § 2; SL 1997, ch 37, § 1; SL 1999, ch 20, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033796Normal { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033796SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033796CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033796Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-24"><span class="s2033796SENU">4-5-24</span></a><span xml:space="preserve" class="s2033796SENU">. </span><span class="s2033796CL">Omitted.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033797Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033797SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033797CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033797Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033797DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033797000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033797SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033797SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033797Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-25"><span class="s2033797SENU">4-5-25</span></a><span xml:space="preserve" class="s2033797SENU">. </span><span class="s2033797CL">Monthly reports to investment officer of state transactions.</span></p><p dir="ltr" class="s2033797Normal-000000"><span xml:space="preserve" class="s2033797DefaultParagraphFont">It shall be the duty of the state treasurer and the state auditor to report monthly, or more often as determined by the state investment officer, to the state investment officer as to receipts, expenditures, and warrants paid, so that the state investment officer may be informed as to what moneys will be available for the purposes of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-12"><span class="s2033797DefaultParagraphFont">4-5-12</span></a><span xml:space="preserve" class="s2033797DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-39"><span class="s2033797DefaultParagraphFont">4-5-39</span></a><span class="s2033797DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2033797Normal"><span xml:space="preserve" class="s2033797000001"> </span></p><p dir="ltr" class="s2033797Normal"><span class="s2033797SCL">Source:</span><span xml:space="preserve" class="s2033797SCL-000002"> SL 1971, ch 27, § 22.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; 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font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 4-5-26 - Classes of investments approved."><meta property="og:description" content="SDLRC Codified Law 4-5-26 - Classes of investments approved."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=4-5-26"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dNormal"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-26" rel="noopener"><span class="sa1b5314023e04c5c9f65667f325dd75dSENU">4-5-26</span></a><span xml:space="preserve" class="sa1b5314023e04c5c9f65667f325dd75dSENU">. </span><span class="sa1b5314023e04c5c9f65667f325dd75dCL">Classes of investments approved.</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatute"><span xml:space="preserve" class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">State public funds made available for investment may be invested in the following classes of securities and investments and, except as provided by § </span><a href="https://sdlegislature.gov/Statutes?Statute=3-12C-223" rel="noopener"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">3-12C-223</span></a><span xml:space="preserve" class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">; chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=3-13" rel="noopener"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">3-13</span></a><span xml:space="preserve" class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">; chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=13-63" rel="noopener"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">13-63</span></a><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">; the permanent school and other educational and charitable trust funds as provided in S.D. Const., Art. VIII, §§ 2 and 7; the permanent trust fund containing the net proceeds from the sale of state cement enterprises as provided in S.D. Const., Art. XIII, § 20; the health care trust fund as provided in S.D. Const., Art. XII, § 5; and the education enhancement trust fund as provided in S.D. Const., Art. XII, § 6; not otherwise:</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatuteNumber1"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(1)    Direct and indirect obligations of the United States government;</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatuteNumber1"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(2)    Agencies and instrumentalities of the United States government;</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatuteNumber1"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(3)    Mortgage-backed securities of United States government-sponsored enterprises;</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatuteNumber1"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(4)    Direct obligations of the State of South Dakota and any of its political subdivisions;</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatuteNumber1"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(5)    Obligations consisting of notes, bonds, debentures, and certificates which are direct obligations of a solvent corporation or trust existing under the laws of the United States or any state thereof, if such investments are rated in the four highest classifications established by at least two standard rating services at the time of purchase;</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatuteNumber1"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(6)    Savings accounts, share accounts, certificates of deposit of banks, savings and loan associations, building and loan associations, and bankers' acceptances;</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatuteNumber1-000000"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(7)    Repurchase agreements fully collateralized by securities described in this section;</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatuteNumber1-000000"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(8)    Shares in exchange-traded funds and open-end, no-load funds that are administered by an investment company registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933 and investments are predominantly in securities described in this section; or</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dStatuteNumber1"><span xml:space="preserve" class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(9)    In addition to the investments authorized by subdivisions (1) to (8) of this section, inclusive, the investment council may also allocate a sum certain of state public funds for investment in the accounts and certificates of South Dakota banks and associations. This sum shall initially be offered to South Dakota banks and associations, and if not initially fully subscribed, the investment officer shall immediately reoffer the unsubscribed sum to other qualified public depositories defined by subdivision </span><a href="https://sdlegislature.gov/Statutes?Statute=4-6A-1" rel="noopener"><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">4-6A-1</span></a><span class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont">(7).</span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dNormal"><span xml:space="preserve" class="sa1b5314023e04c5c9f65667f325dd75d000001"> </span></p><p dir="ltr" class="sa1b5314023e04c5c9f65667f325dd75dNoIndent"><span xml:space="preserve" class="sa1b5314023e04c5c9f65667f325dd75dDefaultParagraphFont-000002">Source: </span><span class="sa1b5314023e04c5c9f65667f325dd75dSCL">SL 1971, ch 27, § 20; SL 1977, ch 36; SL 1986, ch 43; SL 1993, ch 49; SL 2000, ch 27, § 3; SL 2001, ch 24, § 1; SL 2001, ch 25, § 2; SL 2001, ch 26, § 2; SL 2002, ch 26, §§ 2, 4; SL 2015, ch 34, § 1; SL 2022, ch 17, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s40c9a95645b647a088e178746b3aa2afNormal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s40c9a95645b647a088e178746b3aa2afSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s40c9a95645b647a088e178746b3aa2afCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s40c9a95645b647a088e178746b3aa2afCL-000000 { font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s40c9a95645b647a088e178746b3aa2afNormal-000001 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s40c9a95645b647a088e178746b3aa2afDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s40c9a95645b647a088e178746b3aa2af000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s40c9a95645b647a088e178746b3aa2afSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s40c9a95645b647a088e178746b3aa2afSCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 4-5-27 - Prudent-person standard required in investments."><meta property="og:description" content="SDLRC Codified Law 4-5-27 - Prudent-person standard required in investments."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=4-5-27"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s40c9a95645b647a088e178746b3aa2afNormal"><a href="https://sdlegislature.gov/Statutes?Statute=4-5-27" rel="noopener"><span class="s40c9a95645b647a088e178746b3aa2afSENU">4-5-27</span></a><span xml:space="preserve" class="s40c9a95645b647a088e178746b3aa2afSENU">. </span><span class="s40c9a95645b647a088e178746b3aa2afCL">Prudent</span><span class="s40c9a95645b647a088e178746b3aa2afCL-000000">-</span><span class="s40c9a95645b647a088e178746b3aa2afCL">person standard required in investments.</span></p><p dir="ltr" class="s40c9a95645b647a088e178746b3aa2afNormal-000001"><span xml:space="preserve" class="s40c9a95645b647a088e178746b3aa2afDefaultParagraphFont">Any investments under the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=4-5-12" rel="noopener"><span class="s40c9a95645b647a088e178746b3aa2afDefaultParagraphFont">4-5-12</span></a><span xml:space="preserve" class="s40c9a95645b647a088e178746b3aa2afDefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=4-5-39" rel="noopener"><span class="s40c9a95645b647a088e178746b3aa2afDefaultParagraphFont">4-5-39</span></a><span class="s40c9a95645b647a088e178746b3aa2afDefaultParagraphFont">, inclusive, shall be made with the exercise of that degree of judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation but for investment, considering the probable safety of their capital as well as the probable income to be derived.</span></p><p dir="ltr" class="s40c9a95645b647a088e178746b3aa2afNormal"><span xml:space="preserve" class="s40c9a95645b647a088e178746b3aa2af000002"> </span></p><p dir="ltr" class="s40c9a95645b647a088e178746b3aa2afNormal"><span class="s40c9a95645b647a088e178746b3aa2afSCL">Source:</span><span xml:space="preserve" class="s40c9a95645b647a088e178746b3aa2afSCL-000003"> SL 1971, ch 27, § 21; SL 1985, ch 15, § 18.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033800Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033800SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033800CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033800Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033800DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033800000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033800SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033800SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033800Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-28"><span class="s2033800SENU">4-5-28</span></a><span xml:space="preserve" class="s2033800SENU">. </span><span class="s2033800CL">Policy regulations and restrictions formulated by council.</span></p><p dir="ltr" class="s2033800Normal-000000"><span class="s2033800DefaultParagraphFont">The State Investment Council shall formulate investment policy regulations pertaining to the kind or nature of investment of any of the moneys, and any restrictions upon the methods for investment, which shall govern the state investment officer.</span></p><p dir="ltr" class="s2033800Normal"><span xml:space="preserve" class="s2033800000001"> </span></p><p dir="ltr" class="s2033800Normal"><span class="s2033800SCL">Source:</span><span xml:space="preserve" class="s2033800SCL-000002"> SL 1971, ch 27, § 17.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033801Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033801SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033801CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033801Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033801DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033801000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033801SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033801SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033801Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-29"><span class="s2033801SENU">4-5-29</span></a><span xml:space="preserve" class="s2033801SENU">. </span><span class="s2033801CL">Investment officer authorized to make transactions--Duty to protect state interests.</span></p><p dir="ltr" class="s2033801Normal-000000"><span xml:space="preserve" class="s2033801DefaultParagraphFont">Subject to any limitations, conditions, and restrictions contained in policy making regulations approved by the State Investment Council or contained in state law or the State Constitution, the state investment officer may make purchases, sales, exchanges, and investments, for or on behalf of any of the funds referred to in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-23"><span class="s2033801DefaultParagraphFont">4-5-23</span></a><span xml:space="preserve" class="s2033801DefaultParagraphFont">. The state investment officer shall see that moneys invested under the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-12"><span class="s2033801DefaultParagraphFont">4-5-12</span></a><span xml:space="preserve" class="s2033801DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-39"><span class="s2033801DefaultParagraphFont">4-5-39</span></a><span class="s2033801DefaultParagraphFont">, inclusive, are at all times handled in the best interests of the state.</span></p><p dir="ltr" class="s2033801Normal"><span xml:space="preserve" class="s2033801000001"> </span></p><p dir="ltr" class="s2033801Normal"><span class="s2033801SCL">Source:</span><span xml:space="preserve" class="s2033801SCL-000002"> SL 1971, ch 27, § 15; SL 2015, ch 35, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033802Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033802SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033802CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033802Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033802DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033802000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033802SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033802SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033802Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-29.1"><span class="s2033802SENU">4-5-29.1</span></a><span xml:space="preserve" class="s2033802SENU">. </span><span class="s2033802CL">Health care trust fund--Investment officer to calculate amount eligible for distribution--Transfer to state general fund.</span></p><p dir="ltr" class="s2033802Normal-000000"><span xml:space="preserve" class="s2033802DefaultParagraphFont">Pursuant to S.D. Const., Art. XII, § 5, the state investment officer shall determine the market value of the health care trust fund as of December 31, 2003, and each calendar year thereafter less the investment expenses transferred pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-30"><span class="s2033802DefaultParagraphFont">4-5-30</span></a><span class="s2033802DefaultParagraphFont">. The state investment officer shall calculate an amount equal to four percent of that market value, without invading principal, as eligible for distribution. For the purpose of this section, the term, principal, means the sum of all contributions to the fund. Beginning with the distribution in fiscal year 2008, the market value shall be determined by adding the market value of the trust fund at the end of the sixteen most recent calendar quarters as of December thirty-first, and dividing the sum by sixteen. Upon notice of that amount by the state investment officer, the state treasurer shall transfer the amount from the health care trust fund to the state general fund as soon as practicable after July first of the next fiscal year.</span></p><p dir="ltr" class="s2033802Normal"><span xml:space="preserve" class="s2033802000001"> </span></p><p dir="ltr" class="s2033802Normal"><span class="s2033802SCL">Source:</span><span xml:space="preserve" class="s2033802SCL-000002"> SL 2002, ch 26, § 3; SL 2004, ch 62, § 1; SL 2006, ch 23, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033803Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033803SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033803CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033803Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033803DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033803000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033803SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033803SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033803Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-29.2"><span class="s2033803SENU">4-5-29.2</span></a><span xml:space="preserve" class="s2033803SENU">. </span><span class="s2033803CL">Education enhancement trust fund--Calculation of amount eligible for distribution--Transfer to general fund--Postsecondary scholarship grant programs.</span></p><p dir="ltr" class="s2033803Normal-000000"><span xml:space="preserve" class="s2033803DefaultParagraphFont">Pursuant to S.D. Const., Art. XII, § 6, the state investment officer shall determine the market value of the education enhancement trust fund as of December 31, 2003, and each calendar year thereafter less the investment expenses transferred pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-30"><span class="s2033803DefaultParagraphFont">4-5-30</span></a><span xml:space="preserve" class="s2033803DefaultParagraphFont">. The state investment officer shall calculate an amount equal to four percent of that market value, without invading principal, as eligible for distribution. For the purpose of this section, the term, principal, means the sum of all contributions to the fund. Beginning with the distribution in fiscal year 2008, the market value shall be determined by adding the market value of the trust fund at the end of the sixteen most recent calendar quarters as of December thirty-first, and dividing the sum by sixteen. Upon notice of that amount by the state investment officer, the state treasurer shall transfer the amount from the education enhancement trust fund to the state general fund as soon as practicable after July first of the next fiscal year. For fiscal year 2017, the portion of the transfer to the general fund for the postsecondary scholarship grant programs shall be $126,707.35. Beginning in fiscal year 2018, the portion of the transfer to the general fund for the postsecondary scholarship grant programs, shall be calculated by the state investment officer based on the relative share of the contributions made to the postsecondary scholarship grant fund created pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=13-55A-14"><span class="s2033803DefaultParagraphFont">13-55A-14</span></a><span xml:space="preserve" class="s2033803DefaultParagraphFont"> to the most recently calculated total fair value of the education enhancement fund including the contribution. The calculation shall be updated monthly to reflect any additional contributions to the education enhancement trust fund and the portion of the transfer to the general fund for the postsecondary scholarship grant programs shall be based on the average of the monthly calculation as of December thirty-first, using the months available for the first forty-eight months and then the most recent forty-eight calendar months thereafter.</span></p><p dir="ltr" class="s2033803Normal"><span xml:space="preserve" class="s2033803000001"> </span></p><p dir="ltr" class="s2033803Normal"><span class="s2033803SCL">Source:</span><span xml:space="preserve" class="s2033803SCL-000002"> SL 2002, ch 26, § 4; SL 2004, ch 62, § 2, eff. Mar. 3, 2004; SL 2006, ch 23, § 2, eff. Mar. 10, 2006; SL 2013, ch 91, § 11, eff. Mar. 20, 2013; SL 2013, ch 92, § 13, eff. Mar. 12, 2013; SL 2016, ch 101, § 2, eff. Mar. 22, 2016.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"> <head> <meta charset="UTF-8" /> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title> <meta name="Generator" content="PowerTools for Open XML" /> <style>span { white-space: pre-wrap; } p.pt-Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.pt-Statute { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.pt-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.pt-NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.pt-DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.pt-SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style> </head> <body> <div> <p dir="ltr" class="pt-Normal"> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-29.3"> <span class="pt-SENU">4-5-29.3</span> </a> <span xml:space="preserve" class="pt-SENU">. </span> <span class="pt-CL">Indemnity provision--Authorization.</span> </p> <p dir="ltr" class="pt-Statute"> <span xml:space="preserve" class="pt-DefaultParagraphFont">Notwithstanding the provisions of § </span> <a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=3-21-13"> <span class="pt-DefaultParagraphFont">3-21-13</span> </a> <span class="pt-DefaultParagraphFont">, the state investment officer may include an indemnity provision in any contract, agreement, or court document related to an investment that involves custody, management, purchase, sale, exchange, or research if the state investment officer determines the inclusion of the indemnity provision is prudent under the circumstances.</span> </p> <p dir="ltr" class="pt-Normal"> <span xml:space="preserve" class="pt-000000"> </span> </p> <p dir="ltr" class="pt-NoIndent"> <span xml:space="preserve" class="pt-DefaultParagraphFont-000001">Source: </span> <span class="pt-SCL">SL 2020, ch 21, § 1.</span> </p> </div> </body> </html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033804Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033804SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033804CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033804Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033804DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033804Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033804000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033804SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033804SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033804Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-30"><span class="s2033804SENU">4-5-30</span></a><span xml:space="preserve" class="s2033804SENU">. </span><span class="s2033804CL">Pooling of cash accounts--Certification by Appropriations Committee--Prorating of income--Transfer of money to investment council expense account.</span></p><p dir="ltr" class="s2033804Normal-000000"><span xml:space="preserve" class="s2033804DefaultParagraphFont">The state investment officer, utilizing the facilities of the state budgetary accounting system, shall pool cash accounts within the funds enumerated in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-23"><span class="s2033804DefaultParagraphFont">4-5-23</span></a><span xml:space="preserve" class="s2033804DefaultParagraphFont">. The Appropriations Committee of the Legislature, upon recommendations from the commissioner of finance and management, shall certify those funds which are to participate in the interest income of the pooled investments. The state investment officer shall credit the gain or interest due as a result of investments made pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-29"><span class="s2033804DefaultParagraphFont">4-5-29</span></a><span xml:space="preserve" class="s2033804DefaultParagraphFont"> on a pro rata basis to the participating funds in the same ratio as the average daily cash balance of each fund bears to the total average cash balance of all funds.</span></p><p dir="ltr" class="s2033804Normal-000001"><span class="s2033804DefaultParagraphFont">If requested by the state investment officer during each fiscal year, the state treasurer shall transfer money from the South Dakota retirement fund, health care trust fund, education enhancement trust fund, the trust fund derived from the sale of state cement enterprises, the general fund portion of the pooled income account for the permanent school and other educational fund provided for in S.D. Const., Art. VIII, and any other specific fund approved by the Bureau of Finance and Management, other than the state pooled fund, to the investment council expense account in an amount not to exceed the ratio of the average assets in each fund for the previous fiscal year to the total average assets managed by the investment council, other than the state pooled fund, for the previous fiscal year multiplied by the difference between the budget of the investment council for each fiscal year and the total of the current fiscal year beginning cash balance in the investment council expense account plus two hundredths of a percent of the prior fiscal year's average assets in the state pooled fund. If requested by the state investment officer during each fiscal year, the state treasurer shall transfer money from the pooled income account to the investment council expense account in an amount not to exceed two hundredths of a percent of the prior fiscal year's average assets in the state pooled fund. The state investment officer may make multiple transfer requests during the fiscal year, with each request being proportionate among the funds, provided that the total transfers do not exceed the amounts provided by this section.</span></p><p dir="ltr" class="s2033804Normal"><span xml:space="preserve" class="s2033804000002"> </span></p><p dir="ltr" class="s2033804Normal"><span class="s2033804SCL">Source:</span><span xml:space="preserve" class="s2033804SCL-000003"> SL 1971, ch 27, § 16; SL 1976, ch 50; SL 1977, ch 35, § 1; SL 1978, ch 36, § 1; SL 1986, ch 49; SL 1987, ch 44, § 1; SL 1998, ch 25, § 1; SL 2002, ch 26, § 1; SL 2015, ch 36, § 1.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS4-5-30.1 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 4-5-30.1 "> <META NAME="Description" Content="South Dakota Codified Laws 4-5-30.1"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 4-5-30.1. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2015, ch 37, &#167;&nbsp;1, eff. Mar. 13, 2015.<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033806Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033806SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033806CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033806Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033806DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033806000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033806SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033806SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033806Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-31"><span class="s2033806SENU">4-5-31</span></a><span xml:space="preserve" class="s2033806SENU">. </span><span class="s2033806CL">Physical custody of securities purchased--Deposit with fiscal agent.</span></p><p dir="ltr" class="s2033806Normal-000000"><span class="s2033806DefaultParagraphFont">All securities purchased shall be in the physical custody of the state treasurer who may, with the approval of the State Investment Council, deposit with a fiscal agent the securities as he shall consider advisable to be held in safekeeping by said agent for collection of principal and interest.</span></p><p dir="ltr" class="s2033806Normal"><span xml:space="preserve" class="s2033806000001"> </span></p><p dir="ltr" class="s2033806Normal"><span class="s2033806SCL">Source:</span><span xml:space="preserve" class="s2033806SCL-000002"> SL 1971, ch 27, § 23.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033807Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033807SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033807CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033807Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033807DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033807000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033807SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033807SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033807Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-32"><span class="s2033807SENU">4-5-32</span></a><span xml:space="preserve" class="s2033807SENU">. </span><span class="s2033807CL">Monthly report to investment council--Contents--Public inspection.</span></p><p dir="ltr" class="s2033807Normal-000000"><span class="s2033807DefaultParagraphFont">Not later than fifteen days after the close of each month, the state investment officer shall submit to the State Investment Council a report of the operations of the Division of Investments during the month. Each report shall include a detailed summary of investment, reinvestment, purchase, sale, and exchange transactions, setting forth, among other things, the investments bought, sold, and exchanged, the dates thereof, the prices paid and obtained, the names of the brokers involved, and a statement of the funds or accounts referred to herein. The reports shall be open for inspection to the public.</span></p><p dir="ltr" class="s2033807Normal"><span xml:space="preserve" class="s2033807000001"> </span></p><p dir="ltr" class="s2033807Normal"><span class="s2033807SCL">Source:</span><span xml:space="preserve" class="s2033807SCL-000002"> SL 1971, ch 27, § 24.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033808Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033808SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033808CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033808Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033808DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033808000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033808SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033808SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033808Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-33"><span class="s2033808SENU">4-5-33</span></a><span xml:space="preserve" class="s2033808SENU">. </span><span class="s2033808CL">Meetings of investment council--Access to records--Inspection and review.</span></p><p dir="ltr" class="s2033808Normal-000000"><span xml:space="preserve" class="s2033808DefaultParagraphFont">The State Investment Council shall meet at times as it shall deem necessary to carry out the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-12"><span class="s2033808DefaultParagraphFont">4-5-12</span></a><span xml:space="preserve" class="s2033808DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-39"><span class="s2033808DefaultParagraphFont">4-5-39</span></a><span class="s2033808DefaultParagraphFont">, inclusive, but at least quarterly during the year, to consult with the state investment officer with respect to the work of the Division of Investment. It shall have access to all files and records of the division and may require any officer or employee therein to provide information as it may deem necessary in the performance of its functions. The State Investment Council shall inspect and review the respective funds and accounts administered through the division.</span></p><p dir="ltr" class="s2033808Normal"><span xml:space="preserve" class="s2033808000001"> </span></p><p dir="ltr" class="s2033808Normal"><span class="s2033808SCL">Source:</span><span xml:space="preserve" class="s2033808SCL-000002"> SL 1971, ch 27, § 18.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033809Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033809SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033809CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033809Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033809DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033809000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033809SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033809SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033809Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-34"><span class="s2033809SENU">4-5-34</span></a><span xml:space="preserve" class="s2033809SENU">. </span><span class="s2033809CL">Proceedings to collect principal or interest on investments--Refunding of securities held.</span></p><p dir="ltr" class="s2033809Normal-000000"><span class="s2033809DefaultParagraphFont">In the event of default in the payment of principal of, or interest on, any investment made, the investment council is authorized to institute the proper proceedings to collect the matured principal or interest and may accept for exchange purposes refunding bonds or other evidences of indebtedness at interest rates to be agreed upon with the obligor.</span></p><p dir="ltr" class="s2033809Normal"><span xml:space="preserve" class="s2033809000001"> </span></p><p dir="ltr" class="s2033809Normal"><span class="s2033809SCL">Source:</span><span xml:space="preserve" class="s2033809SCL-000002"> SL 1971, ch 27, § 19.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033810Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033810SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033810CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033810CL-000000 { font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033810Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033810DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033810DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033810000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033810SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033810SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033810Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-35"><span class="s2033810SENU">4-5-35</span></a><span xml:space="preserve" class="s2033810SENU">. </span><span class="s2033810CL">Post</span><span class="s2033810CL-000000">-</span><span class="s2033810CL">audit of investment transactions--Annual report of auditor</span><span class="s2033810CL-000000">-</span><span class="s2033810CL">general.</span></p><p dir="ltr" class="s2033810Normal-000001"><span class="s2033810DefaultParagraphFont">The state auditor</span><span class="s2033810DefaultParagraphFont-000002">-</span><span class="s2033810DefaultParagraphFont">general shall be responsible for conducting a continuous post</span><span class="s2033810DefaultParagraphFont-000002">-</span><span class="s2033810DefaultParagraphFont">audit of the investment transactions of the state, and shall submit annually a special report on his findings to the State Investment Council and to the appropriate legislative committee.</span></p><p dir="ltr" class="s2033810Normal"><span xml:space="preserve" class="s2033810000003"> </span></p><p dir="ltr" class="s2033810Normal"><span class="s2033810SCL">Source:</span><span xml:space="preserve" class="s2033810SCL-000004"> SL 1971, ch 27, § 25.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033811Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033811SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033811CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033811Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033811DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033811000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033811SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033811SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033811Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-36"><span class="s2033811SENU">4-5-36</span></a><span xml:space="preserve" class="s2033811SENU">. </span><span class="s2033811CL">Reports to Legislature by investment council.</span></p><p dir="ltr" class="s2033811Normal-000000"><span class="s2033811DefaultParagraphFont">On or before February first of each year, and at other times as it may deem in the public interest, the State Investment Council shall report to the Legislature with respect to its review of the work of the Division of Investment.</span></p><p dir="ltr" class="s2033811Normal"><span xml:space="preserve" class="s2033811000001"> </span></p><p dir="ltr" class="s2033811Normal"><span class="s2033811SCL">Source:</span><span xml:space="preserve" class="s2033811SCL-000002"> SL 1971, ch 27, § 26.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033812Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033812SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033812CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033812Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033812DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033812000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033812SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033812SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033812Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-37"><span class="s2033812SENU">4-5-37</span></a><span xml:space="preserve" class="s2033812SENU">. </span><span class="s2033812CL">Conflicts with other laws.</span></p><p dir="ltr" class="s2033812Normal-000000"><span xml:space="preserve" class="s2033812DefaultParagraphFont">To the extent that the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-12"><span class="s2033812DefaultParagraphFont">4-5-12</span></a><span xml:space="preserve" class="s2033812DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-39"><span class="s2033812DefaultParagraphFont">4-5-39</span></a><span class="s2033812DefaultParagraphFont">, inclusive, are inconsistent with the provisions of any other law, the provisions of said sections shall be controlling.</span></p><p dir="ltr" class="s2033812Normal"><span xml:space="preserve" class="s2033812000001"> </span></p><p dir="ltr" class="s2033812Normal"><span class="s2033812SCL">Source:</span><span xml:space="preserve" class="s2033812SCL-000002"> SL 1971, ch 27, § 27.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033813Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033813SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033813CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033813Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033813DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033813000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033813SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033813SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033813Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-38"><span class="s2033813SENU">4-5-38</span></a><span xml:space="preserve" class="s2033813SENU">. </span><span class="s2033813CL">Severability of provisions.</span></p><p dir="ltr" class="s2033813Normal-000000"><span xml:space="preserve" class="s2033813DefaultParagraphFont">If any part of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-12"><span class="s2033813DefaultParagraphFont">4-5-12</span></a><span xml:space="preserve" class="s2033813DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-39"><span class="s2033813DefaultParagraphFont">4-5-39</span></a><span class="s2033813DefaultParagraphFont">, inclusive, is invalid, all valid parts that are severable from the invalid part remain in effect. If a part of said sections is invalid in one or more of its applications, the part remains in effect in all valid applications that are severable from the invalid applications.</span></p><p dir="ltr" class="s2033813Normal"><span xml:space="preserve" class="s2033813000001"> </span></p><p dir="ltr" class="s2033813Normal"><span class="s2033813SCL">Source:</span><span xml:space="preserve" class="s2033813SCL-000002"> SL 1971, ch 27, § 28.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033814Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033814SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033814CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033814Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033814DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033814000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033814SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033814SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033814Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-39"><span class="s2033814SENU">4-5-39</span></a><span xml:space="preserve" class="s2033814SENU">. </span><span class="s2033814CL">Short title.</span></p><p dir="ltr" class="s2033814Normal-000000"><span xml:space="preserve" class="s2033814DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-12"><span class="s2033814DefaultParagraphFont">4-5-12</span></a><span xml:space="preserve" class="s2033814DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-39"><span class="s2033814DefaultParagraphFont">4-5-39</span></a><span class="s2033814DefaultParagraphFont">, inclusive, may be cited as the "Investment of State Funds Law."</span></p><p dir="ltr" class="s2033814Normal"><span xml:space="preserve" class="s2033814000001"> </span></p><p dir="ltr" class="s2033814Normal"><span class="s2033814SCL">Source:</span><span xml:space="preserve" class="s2033814SCL-000002"> SL 1971, ch 27, § 29.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033815Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033815SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033815CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033815Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033815DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033815000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033815SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033815SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033815Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-40"><span class="s2033815SENU">4-5-40</span></a><span xml:space="preserve" class="s2033815SENU">. </span><span class="s2033815CL">Agreement to purchase general obligation funding bonds--Certification and approval required--Bonds to bear interest, mature, etc..</span></p><p dir="ltr" class="s2033815Normal-000000"><span xml:space="preserve" class="s2033815DefaultParagraphFont">Notwithstanding the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-23"><span class="s2033815DefaultParagraphFont">4-5-23</span></a><span xml:space="preserve" class="s2033815DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-29"><span class="s2033815DefaultParagraphFont">4-5-29</span></a><span xml:space="preserve" class="s2033815DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-37"><span class="s2033815DefaultParagraphFont">4-5-37</span></a><span xml:space="preserve" class="s2033815DefaultParagraphFont">, upon receipt of the certification of the Health and Educational Facilities Authority as described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-41"><span class="s2033815DefaultParagraphFont">4-5-41</span></a><span xml:space="preserve" class="s2033815DefaultParagraphFont"> and receipt of evidence that the Governor has not disapproved of the investment as contemplated by Article VIII, § 12 of the Constitution, the State Investment Council, acting by and through the state investment officer, shall enter into a contingent purchase agreement, bond purchase agreement, or similar instrument or arrangement pursuant to which the State Investment Council shall be obligated to purchase, as an investment of the permanent school and other education funds of the State of South Dakota established pursuant to Article VIII, § 11 of the Constitution, general obligation funding bonds to be issued by any eligible school district participating in a tax anticipation note program established by the Health and Educational Facilities Authority under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-16A-75"><span class="s2033815DefaultParagraphFont">1-16A-75</span></a><span class="s2033815DefaultParagraphFont">. Such bonds shall bear interest, mature, and contain such other terms and conditions as shall be approved by the Health and Educational Facilities Authority and as otherwise authorized by state law.</span></p><p dir="ltr" class="s2033815Normal"><span xml:space="preserve" class="s2033815000001"> </span></p><p dir="ltr" class="s2033815Normal"><span class="s2033815SCL">Source:</span><span xml:space="preserve" class="s2033815SCL-000002"> SL 1998, ch 24, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033816Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033816SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033816CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033816Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033816DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033816Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033816000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033816SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033816SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033816Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-41"><span class="s2033816SENU">4-5-41</span></a><span xml:space="preserve" class="s2033816SENU">. </span><span class="s2033816CL">School district eligibility--Determination and certification.</span></p><p dir="ltr" class="s2033816Normal-000000"><span xml:space="preserve" class="s2033816DefaultParagraphFont">A school district is an eligible school district for the purposes of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-40"><span class="s2033816DefaultParagraphFont">4-5-40</span></a><span xml:space="preserve" class="s2033816DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-44"><span class="s2033816DefaultParagraphFont">4-5-44</span></a><span class="s2033816DefaultParagraphFont">, inclusive, if the Health and Educational Facilities Authority determines and certifies to the State Investment Council and the Governor that the school district is:</span></p><p dir="ltr" class="s2033816Normal-000001"><span xml:space="preserve" class="s2033816DefaultParagraphFont">(1)    Expected to have sufficient tax and other revenues in the applicable fiscal year sufficient to pay principal and interest when due on all promissory notes issued or to be issued by the school district in connection with any program established by the Health and Educational Facilities Authority pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-16A-75"><span class="s2033816DefaultParagraphFont">1-16A-75</span></a><span class="s2033816DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2033816Normal-000001"><span xml:space="preserve" class="s2033816DefaultParagraphFont">(2)    That the principal amount of any promissory notes issued by the school district in connection with such program does not exceed the principal amount of general obligation funding bonds that the district is, as of the date of certification, authorized to issue under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=13-19-7"><span class="s2033816DefaultParagraphFont">13-19-7</span></a><span xml:space="preserve" class="s2033816DefaultParagraphFont"> and Article XIII, § 4 of the Constitution.</span></p><p dir="ltr" class="s2033816Normal"><span xml:space="preserve" class="s2033816000002"> </span></p><p dir="ltr" class="s2033816Normal"><span class="s2033816SCL">Source:</span><span xml:space="preserve" class="s2033816SCL-000003"> SL 1998, ch 24, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033817Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033817SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033817CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033817Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033817DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033817000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033817SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033817SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033817Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-42"><span class="s2033817SENU">4-5-42</span></a><span xml:space="preserve" class="s2033817SENU">. </span><span class="s2033817CL">Prudent investment defined--Liability.</span></p><p dir="ltr" class="s2033817Normal-000000"><span xml:space="preserve" class="s2033817DefaultParagraphFont">The state investment officer and the State Investment Council is entitled to conclusively rely, without any duty or obligation for further inquiry, diligence, or investigation, upon the certification of the Health and Educational Facilities Authority as described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-41"><span class="s2033817DefaultParagraphFont">4-5-41</span></a><span xml:space="preserve" class="s2033817DefaultParagraphFont"> and written evidence that the Governor has not disapproved the investment as described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-40"><span class="s2033817DefaultParagraphFont">4-5-40</span></a><span xml:space="preserve" class="s2033817DefaultParagraphFont">. Any agreement or other arrangement entered into by the State Investment Council and state investment officer pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-40"><span class="s2033817DefaultParagraphFont">4-5-40</span></a><span xml:space="preserve" class="s2033817DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-44"><span class="s2033817DefaultParagraphFont">4-5-44</span></a><span xml:space="preserve" class="s2033817DefaultParagraphFont"> shall be deemed a prudent investment in full compliance with the requirements of the Constitution and all statutes and applicable common law, including, without limitation, §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-27"><span class="s2033817DefaultParagraphFont">4-5-27</span></a><span xml:space="preserve" class="s2033817DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-29"><span class="s2033817DefaultParagraphFont">4-5-29</span></a><span class="s2033817DefaultParagraphFont">. No personal liability adheres to the state investment officer or the State Investment Council by reason of the agreement or arrangement.</span></p><p dir="ltr" class="s2033817Normal"><span xml:space="preserve" class="s2033817000001"> </span></p><p dir="ltr" class="s2033817Normal"><span class="s2033817SCL">Source:</span><span xml:space="preserve" class="s2033817SCL-000002"> SL 1998, ch 24, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033818Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033818SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033818CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033818Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033818DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033818000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033818SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033818SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033818Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-43"><span class="s2033818SENU">4-5-43</span></a><span xml:space="preserve" class="s2033818SENU">. </span><span class="s2033818CL">Obligation to purchase--Enforceability.</span></p><p dir="ltr" class="s2033818Normal-000000"><span xml:space="preserve" class="s2033818DefaultParagraphFont">The obligation of the State Investment Council to purchase any general obligation funding bonds pursuant to any agreement or arrangement described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-40"><span class="s2033818DefaultParagraphFont">4-5-40</span></a><span xml:space="preserve" class="s2033818DefaultParagraphFont"> is not enforceable to the extent that the principal amount of such general obligation funding bonds would cause an eligible participating school district to be in violation of the limitations on indebtedness of school districts provided for in Article XIII, § 4 of the Constitution.</span></p><p dir="ltr" class="s2033818Normal"><span xml:space="preserve" class="s2033818000001"> </span></p><p dir="ltr" class="s2033818Normal"><span class="s2033818SCL">Source:</span><span xml:space="preserve" class="s2033818SCL-000002"> SL 1998, ch 24, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033819Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033819SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033819CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033819Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033819DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033819000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033819SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033819SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033819Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-44"><span class="s2033819SENU">4-5-44</span></a><span xml:space="preserve" class="s2033819SENU">. </span><span class="s2033819CL">Cost of participation.</span></p><p dir="ltr" class="s2033819Normal-000000"><span xml:space="preserve" class="s2033819DefaultParagraphFont">The participation of the State Investment Council and the state investment officer in the tax anticipation note program of the Health and Educational Facilities Authority established under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-16A-75"><span class="s2033819DefaultParagraphFont">1-16A-75</span></a><span xml:space="preserve" class="s2033819DefaultParagraphFont"> is hereby determined to be in the public interest and for the benefit and maintenance of the public schools and for the equal benefit of and in the best interest of the people of the state and shall be at no cost to the school districts, the Health and Educational Facilities Authority or any other participant of the program.</span></p><p dir="ltr" class="s2033819Normal"><span xml:space="preserve" class="s2033819000001"> </span></p><p dir="ltr" class="s2033819Normal"><span class="s2033819SCL">Source:</span><span xml:space="preserve" class="s2033819SCL-000002"> SL 1998, ch 24, § 5.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS4-5-45 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 4-5-45 "> <META NAME="Description" Content="South Dakota Codified Laws 4-5-45"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 4-5-45, 4-5-46. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2015, ch 39, &#167;&#167;&nbsp;3, 4.<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033821Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033821SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033821CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033821Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033821DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033821000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033821SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033821SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033821Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-47"><span class="s2033821SENU">4-5-47</span></a><span xml:space="preserve" class="s2033821SENU">. </span><span class="s2033821CL">Investment of trust fund containing proceeds from sale of state cement enterprises.</span></p><p dir="ltr" class="s2033821Normal-000000"><span xml:space="preserve" class="s2033821DefaultParagraphFont">The State Investment Council as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-12"><span class="s2033821DefaultParagraphFont">4-5-12</span></a><span xml:space="preserve" class="s2033821DefaultParagraphFont"> is responsible for the investment of the trust fund containing the net proceeds from the sale of state cement enterprises. The investment of such funds is not restricted by the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-26"><span class="s2033821DefaultParagraphFont">4-5-26</span></a><span xml:space="preserve" class="s2033821DefaultParagraphFont">, but is governed by the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-27"><span class="s2033821DefaultParagraphFont">4-5-27</span></a><span class="s2033821DefaultParagraphFont">.</span></p><p dir="ltr" class="s2033821Normal"><span xml:space="preserve" class="s2033821000001"> </span></p><p dir="ltr" class="s2033821Normal"><span class="s2033821SCL">Source:</span><span xml:space="preserve" class="s2033821SCL-000002"> SL 2001, ch 25, § 3; SDCL § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=5-17-42"><span class="s2033821SCL-000002">5-17-42</span></a><span class="s2033821SCL-000002">; SL 2010, ch 32, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033822Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033822SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033822CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033822Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033822DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033822Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033822000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033822SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033822SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033822Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033822SENU">4-5-48</span></a><span xml:space="preserve" class="s2033822SENU">. </span><span class="s2033822CL">Definition of terms related to investments in companies liable under Iran Sanctions Act.</span></p><p dir="ltr" class="s2033822Normal-000000"><span xml:space="preserve" class="s2033822DefaultParagraphFont">Terms used in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033822DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033822DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033822DefaultParagraphFont">4-5-60</span></a><span class="s2033822DefaultParagraphFont">, inclusive, mean:</span></p><p dir="ltr" class="s2033822Normal-000001"><span class="s2033822DefaultParagraphFont">(1)    "Active business operations," all business operations that are not inactive business operations;</span></p><p dir="ltr" class="s2033822Normal-000001"><span class="s2033822DefaultParagraphFont">(2)    "Company," any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including all wholly owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of such entities or business associations, that exists for profit-making purposes;</span></p><p dir="ltr" class="s2033822Normal-000001"><span class="s2033822DefaultParagraphFont">(3)    "Direct holdings," all publicly traded debt and equity securities of a company that are held directly by the State Investment Council or held in an account or fund in which the State Investment Council owns all shares or interests;</span></p><p dir="ltr" class="s2033822Normal-000001"><span class="s2033822DefaultParagraphFont">(4)    "Government of Iran," the government of the Islamic Republic of Iran or its instrumentalities or political subdivisions and companies owned or controlled by the Islamic Republic of Iran;</span></p><p dir="ltr" class="s2033822Normal-000001"><span class="s2033822DefaultParagraphFont">(5)    "Inactive business operations," the continued holding or renewal of rights to property previously operated for the purpose of generating revenues but not presently deployed for such a purpose;</span></p><p dir="ltr" class="s2033822Normal-000001"><span xml:space="preserve" class="s2033822DefaultParagraphFont">(6)    "Indirect holdings," all investments held in an account or fund, including a mutual fund, a real estate fund, a private equity fund, or a commingled fund, managed by one or more persons who are not employed by the State Investment Council, in which the public funds own shares or interests together with other investors who are not subject to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033822DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033822DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033822DefaultParagraphFont">4-5-60</span></a><span class="s2033822DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2033822Normal-000001"><span class="s2033822DefaultParagraphFont">(7)    "Scrutinized company," any company engaging in scrutinized business operations;</span></p><p dir="ltr" class="s2033822Normal-000001"><span class="s2033822DefaultParagraphFont">(8)    "Scrutinized business operations," all active business operations that are subject or liable to sanctions under Public Law 104-172, as amended, the Iran Sanctions Act of 1996, and that involve the maintenance of a company's existing assets or investments in Iran, or the deployment of new investments to Iran that meet or exceed the twenty million dollar threshold referred to in Public Law 104-172, as amended, the Iran Sanctions Act of 1996. The term does not include the retail sale of gasoline and related products;</span></p><p dir="ltr" class="s2033822Normal-000001"><span class="s2033822DefaultParagraphFont">(9)    "Substantial action specific to Iran," adopting, publicizing, and implementing a formal plan to cease scrutinized business operations within one year and to refrain from any such new business operations.</span></p><p dir="ltr" class="s2033822Normal"><span xml:space="preserve" class="s2033822000002"> </span></p><p dir="ltr" class="s2033822Normal"><span class="s2033822SCL">Source:</span><span xml:space="preserve" class="s2033822SCL-000003"> SL 2010, ch 27, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033823Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033823SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033823CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033823Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033823DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033823Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033823000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033823SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033823SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033823Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-49"><span class="s2033823SENU">4-5-49</span></a><span xml:space="preserve" class="s2033823SENU">. </span><span class="s2033823CL">Identification of holdings in scrutinized companies.</span></p><p dir="ltr" class="s2033823Normal-000000"><span class="s2033823DefaultParagraphFont">Within ninety days following July 1, 2010, the State Investment Council shall make its best efforts to identify all scrutinized companies in which it has direct holdings. These efforts shall include, as appropriate:</span></p><p dir="ltr" class="s2033823Normal-000001"><span class="s2033823DefaultParagraphFont">(1)    Reviewing and relying, as appropriate, on publicly available information regarding companies with business operations in Iran, including information provided by nonprofit organizations, research firms, international organizations, and government entities;</span></p><p dir="ltr" class="s2033823Normal-000001"><span class="s2033823DefaultParagraphFont">(2)    Contacting asset managers contracting with the State Investment Council who invest in companies with business operations in Iran; and</span></p><p dir="ltr" class="s2033823Normal-000001"><span class="s2033823DefaultParagraphFont">(3)    Contacting other institutional investors that have divested from or engaged with companies with business operations in Iran.</span></p><p dir="ltr" class="s2033823Normal"><span xml:space="preserve" class="s2033823000002"> </span></p><p dir="ltr" class="s2033823Normal"><span class="s2033823SCL">Source:</span><span xml:space="preserve" class="s2033823SCL-000003"> SL 2010, ch 27, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033824Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033824SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033824CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033824Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033824DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033824000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033824SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033824SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033824Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-50"><span class="s2033824SENU">4-5-50</span></a><span xml:space="preserve" class="s2033824SENU">. </span><span class="s2033824CL">List of scrutinized companies.</span></p><p dir="ltr" class="s2033824Normal-000000"><span xml:space="preserve" class="s2033824DefaultParagraphFont">At the first meeting of the State Investment Council after it has completed the requirements of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-49"><span class="s2033824DefaultParagraphFont">4-5-49</span></a><span class="s2033824DefaultParagraphFont">, the State Investment Council shall assemble a list of scrutinized companies in which it has direct holdings.</span></p><p dir="ltr" class="s2033824Normal"><span xml:space="preserve" class="s2033824000001"> </span></p><p dir="ltr" class="s2033824Normal"><span class="s2033824SCL">Source:</span><span xml:space="preserve" class="s2033824SCL-000002"> SL 2010, ch 27, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033825Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033825SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033825CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033825Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033825DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033825000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033825SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033825SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033825Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-51"><span class="s2033825SENU">4-5-51</span></a><span xml:space="preserve" class="s2033825SENU">. </span><span class="s2033825CL">Updating scrutinized companies list.</span></p><p dir="ltr" class="s2033825Normal-000000"><span class="s2033825DefaultParagraphFont">The State Investment Council shall update the scrutinized companies list each quarter based on continuing information.</span></p><p dir="ltr" class="s2033825Normal"><span xml:space="preserve" class="s2033825000001"> </span></p><p dir="ltr" class="s2033825Normal"><span class="s2033825SCL">Source:</span><span xml:space="preserve" class="s2033825SCL-000002"> SL 2010, ch 27, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033826Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033826SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033826CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033826Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033826DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033826Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033826000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033826SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033826SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033826Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-52"><span class="s2033826SENU">4-5-52</span></a><span xml:space="preserve" class="s2033826SENU">. </span><span class="s2033826CL">Procedures with respect to companies on scrutinized companies list.</span></p><p dir="ltr" class="s2033826Normal-000000"><span class="s2033826DefaultParagraphFont">The State Investment Council shall use the following procedures with respect to companies on the scrutinized companies list:</span></p><p dir="ltr" class="s2033826Normal-000001"><span class="s2033826DefaultParagraphFont">(1)    For each company newly identified with scrutinized business operations, the State Investment Council shall, within ninety days following its assembly of the scrutinized companies list, send a written notice informing the company of its scrutinized company status and that it may become subject to divestment by the State Investment Council. The notice shall offer the company the opportunity to clarify its scrutinized business operations and shall encourage the company to cease, within ninety days of the date of the notice, its scrutinized business operations, or to convert them to inactive business operations in order to avoid divestment by the State Investment Council; and</span></p><p dir="ltr" class="s2033826Normal-000001"><span xml:space="preserve" class="s2033826DefaultParagraphFont">(2)    If, within ninety days following the State Investment Council's first engagement with a company, that company publicly announces its commitment to substantial action specific to Iran, that company shall be removed from the scrutinized companies list and the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033826DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033826DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033826DefaultParagraphFont">4-5-60</span></a><span class="s2033826DefaultParagraphFont">, inclusive, cease to apply to it unless it resumes active business operations in Iran.</span></p><p dir="ltr" class="s2033826Normal"><span xml:space="preserve" class="s2033826000002"> </span></p><p dir="ltr" class="s2033826Normal"><span class="s2033826SCL">Source:</span><span xml:space="preserve" class="s2033826SCL-000003"> SL 2010, ch 27, § 5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033827Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033827SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033827CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033827Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033827DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033827Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2033827Normal-000002 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033827000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033827SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033827SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033827Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-53"><span class="s2033827SENU">4-5-53</span></a><span xml:space="preserve" class="s2033827SENU">. </span><span class="s2033827CL">Divestiture of securities in companies with scrutinized business operations.</span></p><p dir="ltr" class="s2033827Normal-000000"><span xml:space="preserve" class="s2033827DefaultParagraphFont">If, after ninety days following the State Investment Council's first engagement with a company pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-52"><span class="s2033827DefaultParagraphFont">4-5-52</span></a><span class="s2033827DefaultParagraphFont">, the company continues to have scrutinized business operations, and only while the company continues to have scrutinized business operations, the State Investment Council shall sell, redeem, divest, or withdraw all publicly traded securities of the company, according to the following schedule:</span></p><p dir="ltr" class="s2033827Normal-000001"><span class="s2033827DefaultParagraphFont">(1)    At least fifty percent of the holdings in the company shall be removed from the State Investment Council's assets under management by nine months after the company's initial appearance on the scrutinized companies list; and</span></p><p dir="ltr" class="s2033827Normal-000001"><span class="s2033827DefaultParagraphFont">(2)    One hundred percent of the holdings in the company shall be removed from the State Investment Council's assets under management within fifteen months after the company's initial appearance on the scrutinized companies list.</span></p><p dir="ltr" class="s2033827Normal-000002"><span xml:space="preserve" class="s2033827DefaultParagraphFont">If a company that ceased scrutinized business operations following engagement pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-52"><span class="s2033827DefaultParagraphFont">4-5-52</span></a><span xml:space="preserve" class="s2033827DefaultParagraphFont">, resumes such operations, §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033827DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033827DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033827DefaultParagraphFont">4-5-60</span></a><span class="s2033827DefaultParagraphFont">, inclusive, immediately applies to the company and the State Investment Council shall send a written notice to the company. The company shall also be immediately reintroduced onto the scrutinized companies list.</span></p><p dir="ltr" class="s2033827Normal"><span xml:space="preserve" class="s2033827000003"> </span></p><p dir="ltr" class="s2033827Normal"><span class="s2033827SCL">Source:</span><span xml:space="preserve" class="s2033827SCL-000004"> SL 2010, ch 27, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033828Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033828SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033828CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033828Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033828DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033828000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033828SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033828SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033828Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-54"><span class="s2033828SENU">4-5-54</span></a><span xml:space="preserve" class="s2033828SENU">. </span><span class="s2033828CL">Acquisition of securities in companies with scrutinized business operations prohibited.</span></p><p dir="ltr" class="s2033828Normal-000000"><span xml:space="preserve" class="s2033828DefaultParagraphFont">The State Investment Council may not acquire securities of companies on the scrutinized companies list that have scrutinized business operations, except as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033828DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033828DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033828DefaultParagraphFont">4-5-60</span></a><span class="s2033828DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2033828Normal"><span xml:space="preserve" class="s2033828000001"> </span></p><p dir="ltr" class="s2033828Normal"><span class="s2033828SCL">Source:</span><span xml:space="preserve" class="s2033828SCL-000002"> SL 2010, ch 27, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033829Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033829SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033829CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033829Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033829DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033829000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033829SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033829SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033829Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-55"><span class="s2033829SENU">4-5-55</span></a><span xml:space="preserve" class="s2033829SENU">. </span><span class="s2033829CL">Exemption from divestiture requirements.</span></p><p dir="ltr" class="s2033829Normal-000000"><span xml:space="preserve" class="s2033829DefaultParagraphFont">If the federal government excludes a company from its present or any future federal sanctions relating to Iran, that company is exempt from the divestment requirements and the investment prohibitions in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033829DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033829DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033829DefaultParagraphFont">4-5-60</span></a><span class="s2033829DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2033829Normal"><span xml:space="preserve" class="s2033829000001"> </span></p><p dir="ltr" class="s2033829Normal"><span class="s2033829SCL">Source:</span><span xml:space="preserve" class="s2033829SCL-000002"> SL 2010, ch 27, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033830Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033830SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033830CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033830Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033830DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033830Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033830000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033830SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033830SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033830Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-56"><span class="s2033830SENU">4-5-56</span></a><span xml:space="preserve" class="s2033830SENU">. </span><span class="s2033830CL">Inapplicability to certain investments.</span></p><p dir="ltr" class="s2033830Normal-000000"><span xml:space="preserve" class="s2033830DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033830DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033830DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033830DefaultParagraphFont">4-5-60</span></a><span class="s2033830DefaultParagraphFont">, inclusive, do not apply to any of the following:</span></p><p dir="ltr" class="s2033830Normal-000001"><span class="s2033830DefaultParagraphFont">(1)    Investments in a company that is primarily engaged in supplying goods or services intended to relieve human suffering in Iran;</span></p><p dir="ltr" class="s2033830Normal-000001"><span class="s2033830DefaultParagraphFont">(2)    Investments in a company that is primarily engaged in promoting health, education, or journalistic, religious, or welfare activities in Iran; and</span></p><p dir="ltr" class="s2033830Normal-000001"><span class="s2033830DefaultParagraphFont">(3)    Investments in a United States company that is authorized by the federal government to have active business operations in Iran.</span></p><p dir="ltr" class="s2033830Normal"><span xml:space="preserve" class="s2033830000002"> </span></p><p dir="ltr" class="s2033830Normal"><span class="s2033830SCL">Source:</span><span xml:space="preserve" class="s2033830SCL-000003"> SL 2010, ch 27, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033831Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033831SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033831CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033831Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033831DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033831000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033831SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033831SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033831Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-57"><span class="s2033831SENU">4-5-57</span></a><span xml:space="preserve" class="s2033831SENU">. </span><span class="s2033831CL">Indirect holdings in actively managed investment funds.</span></p><p dir="ltr" class="s2033831Normal-000000"><span xml:space="preserve" class="s2033831DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033831DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033831DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033831DefaultParagraphFont">4-5-60</span></a><span class="s2033831DefaultParagraphFont">, inclusive, do not apply to indirect holdings in actively managed investment funds. The State Investment Council shall submit letters to the managers of investment funds containing companies with scrutinized active business operations requesting the managers to consider removing such companies from the fund or to create a similar actively managed fund with indirect holdings that do not include the companies. If a manager creates a similar fund, the State Investment Council shall promptly replace all applicable investments with investments in the similar fund consistent with prudent investing standards.</span></p><p dir="ltr" class="s2033831Normal"><span xml:space="preserve" class="s2033831000001"> </span></p><p dir="ltr" class="s2033831Normal"><span class="s2033831SCL">Source:</span><span xml:space="preserve" class="s2033831SCL-000002"> SL 2010, ch 27, § 10.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033832Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033832SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033832CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033832Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033832DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033832Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033832000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033832SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033832SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033832Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-58"><span class="s2033832SENU">4-5-58</span></a><span xml:space="preserve" class="s2033832SENU">. </span><span class="s2033832CL">Report to Legislative Research Council Executive Board.</span></p><p dir="ltr" class="s2033832Normal-000000"><span class="s2033832DefaultParagraphFont">By January fifteenth of each calendar year, the State Investment Council shall submit a report to the Executive Board of the Legislative Research Council. The report shall include:</span></p><p dir="ltr" class="s2033832Normal-000001"><span class="s2033832DefaultParagraphFont">(1)    A copy of the most recent list of scrutinized companies;</span></p><p dir="ltr" class="s2033832Normal-000001"><span xml:space="preserve" class="s2033832DefaultParagraphFont">(2)    A summary of correspondence with companies engaged by the State Investment Council pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-52"><span class="s2033832DefaultParagraphFont">4-5-52</span></a><span class="s2033832DefaultParagraphFont">;</span></p><p dir="ltr" class="s2033832Normal-000001"><span xml:space="preserve" class="s2033832DefaultParagraphFont">(3)    A list of all investments sold, redeemed, divested, or withdrawn in compliance with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-53"><span class="s2033832DefaultParagraphFont">4-5-53</span></a><span class="s2033832DefaultParagraphFont">;</span></p><p dir="ltr" class="s2033832Normal-000001"><span xml:space="preserve" class="s2033832DefaultParagraphFont">(4)    A list of all prohibited investments pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-54"><span class="s2033832DefaultParagraphFont">4-5-54</span></a><span class="s2033832DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2033832Normal-000001"><span xml:space="preserve" class="s2033832DefaultParagraphFont">(5)    A description of any progress made pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-57"><span class="s2033832DefaultParagraphFont">4-5-57</span></a><span class="s2033832DefaultParagraphFont">.</span></p><p dir="ltr" class="s2033832Normal"><span xml:space="preserve" class="s2033832000002"> </span></p><p dir="ltr" class="s2033832Normal"><span class="s2033832SCL">Source:</span><span xml:space="preserve" class="s2033832SCL-000003"> SL 2010, ch 27, § 11.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033833Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033833SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033833CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033833Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033833DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2033833Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2033833000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033833SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033833SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2033833Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-59"><span class="s2033833SENU">4-5-59</span></a><span xml:space="preserve" class="s2033833SENU">. </span><span xml:space="preserve" class="s2033833CL">Circumstances under which §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033833CL">4-5-48</span></a><span xml:space="preserve" class="s2033833CL"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033833CL">4-5-60</span></a><span class="s2033833CL">, inclusive, become inoperative.</span></p><p dir="ltr" class="s2033833Normal-000000"><span xml:space="preserve" class="s2033833DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033833DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033833DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033833DefaultParagraphFont">4-5-60</span></a><span class="s2033833DefaultParagraphFont">, inclusive, cease to be operative if either of the following occurs:</span></p><p dir="ltr" class="s2033833Normal-000001"><span class="s2033833DefaultParagraphFont">(1)    Iran is removed from the United States Department of State's list of countries that have been determined to repeatedly provide support for acts of international terrorism; or</span></p><p dir="ltr" class="s2033833Normal-000001"><span xml:space="preserve" class="s2033833DefaultParagraphFont">(2)    The President of the United States determines and certifies that state legislation similar to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033833DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033833DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033833DefaultParagraphFont">4-5-60</span></a><span class="s2033833DefaultParagraphFont">, inclusive, interferes with the conduct of United States foreign policy.</span></p><p dir="ltr" class="s2033833Normal"><span xml:space="preserve" class="s2033833000002"> </span></p><p dir="ltr" class="s2033833Normal"><span class="s2033833SCL">Source:</span><span xml:space="preserve" class="s2033833SCL-000003"> SL 2010, ch 27, § 12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 4-5 - CUSTODY AND INVESTMENT OF STATE FUNDS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2033834Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033834SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033834CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2033834Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2033834DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033834000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2033834SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2033834SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2033834Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-60"><span class="s2033834SENU">4-5-60</span></a><span xml:space="preserve" class="s2033834SENU">. </span><span class="s2033834CL">Construction with other state law.</span></p><p dir="ltr" class="s2033834Normal-000000"><span xml:space="preserve" class="s2033834DefaultParagraphFont">The State Investment Council is exempt from any statutory or common law obligations that conflict with actions taken in compliance with §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033834DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033834DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-59"><span class="s2033834DefaultParagraphFont">4-5-59</span></a><span xml:space="preserve" class="s2033834DefaultParagraphFont">, inclusive, including all good faith determinations regarding companies as required by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-48"><span class="s2033834DefaultParagraphFont">4-5-48</span></a><span xml:space="preserve" class="s2033834DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=4-5-59"><span class="s2033834DefaultParagraphFont">4-5-59</span></a><span class="s2033834DefaultParagraphFont">, inclusive, including any obligations regarding the choice of asset managers, investment funds, or investments for the State Investment Council's securities portfolios.</span></p><p dir="ltr" class="s2033834Normal"><span xml:space="preserve" class="s2033834000001"> </span></p><p dir="ltr" class="s2033834Normal"><span class="s2033834SCL">Source:</span><span xml:space="preserve" class="s2033834SCL-000002"> SL 2010, ch 27, § 13.</span></p></div></body></html>