<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 51A-6A-66 - Exclusion of entity from chapters 51A-5 and 51A-6A--Governing documents--Notice to director.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2082929Normal { 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.s2082929SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2082929CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2082929Statute { 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.s2082929DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2082929StatuteNumber1 { 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.s2082929Statute-000000 { 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.s2082929000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2082929NoIndent { 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.s2082929DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2082929SCL { 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><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 51A-6A-66 - Exclusion of entity from chapters 51A-5 and 51A-6A--Governing documents--Notice to director."><meta property="og:description" content="SDLRC Codified Law 51A-6A-66 - Exclusion of entity from chapters 51A-5 and 51A-6A--Governing documents--Notice to director."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=51A-6A-66"><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="s2082929Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=51A-6A-66" rel="noopener"><span class="s2082929SENU">51A-6A-66</span></a><span xml:space="preserve" class="s2082929SENU">. </span><span xml:space="preserve" class="s2082929CL">Exclusion of entity from chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=51A-5" rel="noopener"><span class="s2082929CL">51A-5</span></a><span xml:space="preserve" class="s2082929CL"> and 51A-6A--Governing documents--Notice to director. </span></p><p dir="ltr" class="s2082929Statute"><span xml:space="preserve" class="s2082929DefaultParagraphFont">An entity may be excluded from the provisions of chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=51A-5" rel="noopener"><span class="s2082929DefaultParagraphFont">51A-5</span></a><span xml:space="preserve" class="s2082929DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=51A-6A" rel="noopener"><span class="s2082929DefaultParagraphFont">51A-6A</span></a><span xml:space="preserve" class="s2082929DefaultParagraphFont"> if:</span></p><p dir="ltr" class="s2082929StatuteNumber1"><span xml:space="preserve" class="s2082929DefaultParagraphFont">(1)    The entity is established for the exclusive purpose of acting as a trust protector, investment trust advisor, or distribution trust advisor, as defined by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-1" rel="noopener"><span class="s2082929DefaultParagraphFont">55-1B-1</span></a><span class="s2082929DefaultParagraphFont">, or any combination of such purposes;</span></p><p dir="ltr" class="s2082929StatuteNumber1"><span class="s2082929DefaultParagraphFont">(2)    The entity is acting in such capacity under a trust instrument that names a South Dakota trust company, a South Dakota bank with trust powers, or a national bank with trust powers as trustee;</span></p><p dir="ltr" class="s2082929StatuteNumber1"><span class="s2082929DefaultParagraphFont">(3)    The entity is not engaged in trust company business with the general public as a public trust company or with any family as a private trust company;</span></p><p dir="ltr" class="s2082929StatuteNumber1"><span class="s2082929DefaultParagraphFont">(4)    The entity does not hold itself out as being in the business of acting as a fiduciary for hire as either a public or private trust company;</span></p><p dir="ltr" class="s2082929StatuteNumber1"><span class="s2082929DefaultParagraphFont">(5)    The entity files an annual report with the South Dakota secretary of state and provides a copy to the Division of Banking;</span></p><p dir="ltr" class="s2082929StatuteNumber1"><span class="s2082929DefaultParagraphFont">(6)    The entity agrees to be subject to examination by the Division of Banking at the discretion of the director; and</span></p><p dir="ltr" class="s2082929StatuteNumber1"><span class="s2082929DefaultParagraphFont">(7)    The entity does not use the word, trust, in the entity's name in any manner.</span></p><p dir="ltr" class="s2082929Statute-000000"><span xml:space="preserve" class="s2082929DefaultParagraphFont">The governing documents of any such excluded entity must limit its authorized activities to the functions permitted to a trust protector, investment trust advisor, or distribution trust advisor pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B" rel="noopener"><span class="s2082929DefaultParagraphFont">55-1B</span></a><span class="s2082929DefaultParagraphFont">, or any combination of such purposes, and limit the performance of those functions with respect to a specifically named trust or family of trusts.</span></p><p dir="ltr" class="s2082929Statute-000000"><span class="s2082929DefaultParagraphFont">An entity complying with this section shall notify the director of its existence, capacity to act, and the name of the trustee for the trust or family of trusts.</span></p><p dir="ltr" class="s2082929Normal"><span xml:space="preserve" class="s2082929000001"> </span></p><p dir="ltr" class="s2082929NoIndent"><span xml:space="preserve" class="s2082929DefaultParagraphFont-000002">Source: </span><span class="s2082929SCL">SL 2011, ch 212, § 7; SL 2013, ch 239, § 11; SL 2018, ch 270, § 2; SL 2021, ch 203, § 32.</span></p></div></body></html>