H*4379(Rat #0407, Act #0369 of 1990)  General Bill, By Kirsh, L. Blanding, 
D.N. Holt, J.R. Klapman, J.T. McElveen, R.N. McLellan and D.E. McTeer
 A Bill to amend Chapter 121, Title 59, Code of Laws of South Carolina, 1976,
 relating to the Citadel, by adding Section 59-121-55 so as to authorize the
 Citadel Board of Visitors to establish a nonprofit eleemosynary corporation
 for the purpose of providing scholarships and other financial assistance and
 support to the College, to authorize the transfer of certain nonstate
 appropriated funds or property to this nonprofit corporation, and to provide
 for disclosure requirements regarding these funds and property.

   01/11/90  House  Introduced and read first time HJ-22
   01/11/90  House  Referred to Committee on Education and Public
                     Works HJ-22
   02/15/90  House  Committee report: Favorable Education and Public
                     Works HJ-3
   02/22/90  House  Debate adjourned until Tuesday, February 27, 1990 HJ-22
   02/22/90  House  Reconsider vote whereby debate adjourned until
                     2/27/90 HJ-24
   02/22/90  House  Amended HJ-25
   02/22/90  House  Read second time HJ-25
   02/22/90  House  Unanimous consent for third reading on next
                     legislative day HJ-25
   02/23/90  House  Read third time and sent to Senate HJ-2
   02/27/90  Senate Introduced and read first time SJ-6
   02/27/90  Senate Referred to Committee on Finance SJ-6
   03/07/90  Senate Committee report: Favorable Finance SJ-19
   03/08/90  Senate Read second time SJ-13
   03/08/90  Senate Unanimous consent for third reading on next
                     legislative day SJ-13
   03/09/90  Senate Read third time and enrolled SJ-1
   03/13/90         Ratified R 407
   03/19/90         Signed By Governor
   03/19/90         Effective date 03/19/90
   03/19/90         Act No. 369
   03/27/90         Copies available

AN ACT TO AMEND CHAPTER 121, TITLE 59, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CITADEL, BY ADDING SECTION 59-121-55 SO AS TO AUTHORIZE THE CITADEL BOARD OF VISITORS TO ESTABLISH A NONPROFIT ELEEMOSYNARY CORPORATION FOR THE PURPOSE OF PROVIDING SCHOLARSHIPS AND OTHER FINANCIAL ASSISTANCE AND SUPPORT TO THE COLLEGE, TO AUTHORIZE THE TRANSFER OF CERTAIN NONSTATE APPROPRIATED FUNDS OR PROPERTY TO THIS NONPROFIT CORPORATION, AND TO PROVIDE FOR DISCLOSURE REQUIREMENTS REGARDING THESE FUNDS AND PROPERTY.

Be it enacted by the General Assembly of the State of South Carolina:

The Citadel eleemosynary corporation authorized

SECTION 1. Chapter 121, Title 59 of the 1976 Code is amended by adding:

"Section 59-121-55. (A) The Board of Visitors, or individual members or employees of the board or college as designated by the board, are authorized to form or cause to be formed a nonprofit eleemosynary corporation pursuant to Chapter 31 of Title 33, the purpose of which is to provide scholarship and other financial assistance or support to the college.

(B) The Board of Visitors is further authorized to transfer not exceeding twenty million dollars of nonstate appropriated funds and property it holds on the effective date of this section in its name or in the college's name for scholarship and other college support purposes to the nonprofit corporation formed pursuant to subsection (A). These funds and property must be used by the nonprofit corporation for its stated purposes, except that any restrictions or limitations applicable to a specified portion of these funds or property on the effective date of this section continue to be applicable after the transfer of those funds or property to the nonprofit corporation. Any encumbrances or liability on the funds and property so transferred must be assumed by the nonprofit corporation.

(C) The records and proceedings of the nonprofit corporation are subject to disclosure in the manner provided by the Freedom of Information Act."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 19th day of March, 1990.