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April 19, 2012
Introduced by Reps. Pitts, Atwater, Toole, Chumley, Delleney, Hosey, D.C. Moss, G.R. Smith, Williams, Willis, Huggins, Bingham, Quinn and Bedingfield
S. Printed 4/25/12--H.
Read the first time April 26, 2011.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING ARTICLE 18 TO CHAPTER 1, TITLE 1 SO AS TO PROVIDE THAT GOLD OR SILVER COIN, OR BOTH, SHALL BE LEGAL TENDER IN THIS STATE FOR PAYMENT OF CERTAIN DEBTS; AND BY ADDING ARTICLE 26 TO CHAPTER 1, TITLE 1 SO AS TO ESTABLISH A JOINT COMMITTEE FOR THE ADOPTION OF AN ALTERNATE FORM OF CURRENCY.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 1, Title 1 of the 1976 Code is amended by adding:
Section 1-1-1110. (A) To the full extent allowed by Article I, Section 10, Clause 1 of the Constitution of the United States, minted gold and silver coins shall be legal tender in the State of South Carolina under the laws of this State.
(B) Any person may employ gold or silver coin, or both, as legal tender in this State under its laws for payment of any debt private or public.
(C) No person may be compelled to accept or tender gold or silver coin, minted or otherwise.
Section 1-1-1130. A transaction for the purchase of gold or silver coin shall not be subject to ad valorem or sales tax imposed by South Carolina."
SECTION 2. Chapter 1, Title 1 of the 1976 Code is amended by adding:
Section 1-1-1710. There is established the Joint Committee on Adoption of an Alternate Currency composed of nine members. The nine members must be appointed as follows:
(1) three Senators appointed by the Chairman of the Senate Finance Committee;
(2) three members of the House of Representatives appointed by the Chairman of the Ways and Means Committee; and
(3) three representatives of the business community, one being a certified public accountant, appointed by the Governor.
Members of the Senate and House of Representatives serve ex officio. The committee chairman must be one of the legislative members and the vice chairman must be one of the business community members. Both officers are to be elected by the membership of the committee. The terms of members appointed by the Governor shall be coterminous with the term of the appointing Governor.
Section 1-1-1720. The committee must make a detailed and careful study of the need, means, and schedule for establishing an alternate currency within the State of South Carolina.
Section 1-1-1730. The committee may:
(1) hold public hearings;
(2) receive testimony of members of the general public, any employees of the State or any other witnesses who may assist the committee in its duties; and
(3) call for assistance in the performance of its duties from any employees or agencies of the State or any of its political subdivisions.
Section 1-1-1740. The committee may adopt by majority vote rules not inconsistent with this chapter it considers proper with respect to matters relating to the discharge of its duties under this chapter.
Section 1-1-1750. Professional and clerical services for the committee must be made available from the staffs of the General Assembly, the State Budget and Control Board, the Office of the State Treasurer, and other state agencies and institutions.
Section 1-1-1760. The committee must make reports and recommendations to the General Assembly and the Governor by June 30, 2012, at which time the committee will be dissolved. These findings and recommendations must be published and made available to the public.
Section 1-1-1770. The members of the committee are entitled to receive the per diem, mileage, and subsistence as is allowed by law for members of boards, committees, and commissions when engaged in the exercise of their duties as members of the committee. These expenses must be paid from approved accounts of their respective appointing authority. All other costs and expenses of the committee must be paid in equal proportion by the Senate, the House of Representatives, and the Office of the Governor, but only after the expenditures have been approved in advance by the President Pro Tempore of the Senate, the Speaker of the House, and the Governor."
SECTION 3. This act takes effect upon approval by the Governor.
This web page was last updated on April 25, 2012 at 6:40 PM