§ 20:06:04:04

ARSD 20:06:04:04

When beneficial owners are record owners.

Effective Jul 1, 198612 SDR 155Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986. | General Authority: SDCL 58-5-77. | Law Implemented: SDCL 58-5-68.

Notwithstanding § 20:06:04:02, if the insurer knows or has reason to know that the form of holding securities of record is used primarily to circumvent the provisions of the act, the beneficial owners of such securities shall be deemed to be the record owners thereof.

Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986.

General Authority: SDCL 58-5-77.

Law Implemented: SDCL 58-5-68.