State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01b > Statute-55-1b-10

55-1B-10. Powers and discretions of investment trust advisor. The powers and discretions of an investment trust advisor shall be provided in the trust instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the investment trust advisor and are binding on any other person and any other interested party, fiduciary, and excluded fiduciary. Unless the terms of the document provide otherwise, the investment trust advisor has the power to perform the following:
(1) Direct the trustee with respect to the retention, purchase, sale, or encumbrance of trust property and the investment and reinvestment of principal and income of the trust;
(2) Vote proxies for securities held in trust; and
(3) Select one or more investment advisers, managers, or counselors, including the trustee, and delegate to them any of its powers.

Source: SL 2005, ch 260, § 6.