Banks and trust companies exempt--Purchase of agricultural land through pooled investment fund excepted

Any national or state chartered bank, or trust company, authorized to do business in this state shall be exempt from the provisions of this chapter; provided, however, that no national or state bank or trust company shall purchase agricultural lands in South Dakota through a pooled investment fund formed from assets from retirement, pension, profit sharing, stock bonds or other trusts. Source: SL 1974, ch 294 , § 9; SL 1977, ch 383 .