H 5035 General Bill, By Sinclair

Similar(S 1356)
 A BILL TO AMEND SECTION 62-7-405, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO THE PURPOSES OF A CHARITABLE TRUST AND ADMINISTRATIVE
 MATTERS PERTAINING TO A CHARITABLE TRUST, SO AS TO PROVIDE THAT UNLESS
 REQUIRED BY LAW OR BY POLICY OR REGULATION OF THE ATTORNEY GENERAL, THE
 TRUSTEE OF A CHARITABLE TRUST IS NOT REQUIRED TO FILE A COPY OF THE TRUST
 INSTRUMENT OR REPORTS CONCERNING ACTIVITIES OF THE TRUST WITH THE ATTORNEY
 GENERAL.

   04/20/06  House  Introduced and read first time HJ-60
   04/20/06  House  Referred to Committee on Judiciary HJ-60

TO AMEND SECTION 62-7-405, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PURPOSES OF A CHARITABLE TRUST AND ADMINISTRATIVE MATTERS PERTAINING TO A CHARITABLE TRUST, SO AS TO PROVIDE THAT UNLESS REQUIRED BY LAW OR BY POLICY OR REGULATION OF THE ATTORNEY GENERAL, THE TRUSTEE OF A CHARITABLE TRUST IS NOT REQUIRED TO FILE A COPY OF THE TRUST INSTRUMENT OR REPORTS CONCERNING ACTIVITIES OF THE TRUST WITH THE ATTORNEY GENERAL.

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

SECTION    1.    Section 62-7-405(d) and (e) of the 1976 Code, as last amended by Act 66 of 2005, is further amended to read:

"(d)    Unless excepted otherwise required by statute or rule by policy or regulation of the Attorney General, the trustees of charitable trusts in existence on the effective date of this article, or thereafter created, under the laws of this State, shall file a certified copy of the trust instrument with the Attorney General within ninety days after such date or within sixty days after the creation of the trust, whichever is later shall not be required to file with the Attorney General any copies of trust instruments or reports concerning the activities of charitable trusts.

(e) The Attorney General may make such rules policies and regulations relating to the information to be contained with the any filing of a trust as may be required by this part."

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