Current Status Bill Number:View additional legislative information at the LPITS web site.3361 Ratification Number:403 Act Number:372 Introducing Body:House Subject:To provide that the Office of the State Treasurer is a limited trust company for purposes of the Federal Reserve Board
(A372, R403, H3361)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-5-250 SO AS TO PROVIDE THAT THE OFFICE OF THE STATE TREASURER IS A LIMITED TRUST COMPANY FOR PURPOSES OF THE FEDERAL RESERVE BOARD.
Be it enacted by the General Assembly of the State of South Carolina:
Limited trust company
SECTION 1. The 1976 Code is amended by adding:
"Section 11-5-250. The office of the State Treasurer is a limited trust company in connection with banking activities with the Federal Reserve Board and meets the requirements and responsibilities of a limited trust company as defined by the Federal Reserve Board."
Time effective
SECTION 2. This act shall take effect upon approval by the Governor.