South Dakota § 4-5-57 Indirect holdings in actively managed investment funds.

South Dakota Statutes

§ 4-5-57 — Indirect holdings in actively managed investment funds.

South Dakota § 4-5-57

Title 4PUBLIC FISCAL ADMINISTRATION

Ch. 4-3CUSTODY AND INVESTMENT OF STATE FUNDS

This text of South Dakota § 4-5-57 (Indirect holdings in actively managed investment funds.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 4-5-57 (2026).

Text

The provisions of §§ 4-5-48 to 4-5-60 , 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.

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The provisions of §§ 4-5-48 to 4-5-60 , 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.