Beneficial ownership of a security for the purpose of SDCL 58-5-69 shall include the ownership of:
- (1) Securities as a trustee where either the trustee or members of the trustee's immediate family have a vested interest in the income or corpus of the trust;
- (2) A vested beneficial interest in a trust; and
- (3) Securities as a settlor of a trust in which the settlor has the power to revoke the trust without obtaining the consent of all the beneficiaries.
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 58-5-69.