S*1356(Rat #0365, Act #0330 of 2006)  General Bill, By Hutto

Similar(H 5035)
 AN ACT TO AMEND SECTION 62-7-405, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO CHARITABLE TRUSTS, SO AS TO PROVIDE THAT CHARITABLE TRUSTS
 ARE NOT REQUIRED TO BE FILED WITH THE ATTORNEY GENERAL UNLESS REQUIRED BY
 STATUTE, RULE, OR REGULATION. - ratified title

   04/18/06  Senate Introduced and read first time SJ-6
   04/18/06  Senate Referred to Committee on Judiciary SJ-6
   04/18/06  Senate Referred to Subcommittee: Gregory (ch), Elliott,
                     Anderson, Ritchie, Cleary
   04/26/06  Senate Polled out of committee Judiciary SJ-28
   04/26/06  Senate Committee report: Favorable Judiciary SJ-28
   04/27/06  Senate Read second time SJ-43
   04/27/06  Senate Unanimous consent for third reading on next
                     legislative day SJ-43
   04/28/06  Senate Read third time and sent to House SJ-3
   05/02/06  House  Introduced and read first time HJ-23
   05/02/06  House  Referred to Committee on Judiciary HJ-23
   05/25/06  House  Recalled from Committee on Judiciary HJ-36
   05/30/06  House  Read second time HJ-168
   05/31/06  House  Read third time and enrolled HJ-30
   05/31/06         Ratified R 365
   06/02/06         Signed By Governor
   06/09/06         Copies available
   06/09/06         Effective date 06/02/06
   06/16/06         Act No. 330

(A330, R365, S1356)

AN ACT TO AMEND SECTION 62-7-405, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CHARITABLE TRUSTS, SO AS TO PROVIDE THAT CHARITABLE TRUSTS ARE NOT REQUIRED TO BE FILED WITH THE ATTORNEY GENERAL UNLESS REQUIRED BY STATUTE, RULE, OR REGULATION.

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

Charitable trusts, filing requirements

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

"Section 62-7-405.    (a)    A charitable trust may be created for the relief of distress or poverty, the advancement of education or religion, the promotion of health, scientific, literary, benevolent, governmental or municipal purposes, or other purposes, the achievement of which purposes are beneficial to the community.

(b)    If the terms of a charitable trust do not indicate a particular charitable purpose or beneficiary, the court may select one or more charitable purposes or beneficiaries. The selection must be consistent with the settlor's intention to the extent it can be ascertained.

(c)    The settlor of a charitable trust, the trustee, and the Attorney General, among others may maintain a proceeding to enforce the trust.

(d)    Unless otherwise required by statute or by rule or regulation of the Attorney General, the trustees of charitable trusts 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 and regulations relating to the information to be contained with the filing of a trust as may be required.

(f)    All trustees of any trust governed by the laws of this State whose governing instrument does not expressly provide that this section shall not apply to such trust are required to act or to refrain from acting so as not to subject the trust to the taxes imposed by Section 4941, 4942, 4943, 4944, or 4945 of the Internal Revenue Code, or corresponding provisions of any subsequent United States internal revenue law.

(g)    Nothing contained in Sections 33-31-150 and 33-31-151 may be construed to cause a forfeiture or reversion of any of the property of a trust which is subject to such sections, or to make the purposes of the trust impossible of accomplishment."

Time effective

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

Ratified the 31st day of May, 2006.

Approved the 2nd day of June, 2006.