Current Status Introducing Body:Senate Bill Number:969 Primary Sponsor:O'Dell Committee Number:04 Type of Legislation:GB Subject:Citadel, nonprofit charitable organizations Residing Body:Senate Current Committee:Education Companion Bill Number:3832 Computer Document Number:CYY/18570.SD Introduced Date:May 07, 1991 Last History Body:Senate Last History Date:May 07, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:O'Dell McGill Fielding Macaulay Mullinax Passailaigue Washington Type of Legislation:General Bill
Bill Body Date Action Description CMN
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969 Senate May 07, 1991 Introduced, read first time, 04
referred to Committee
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TO AMEND SECTION 59-121-55, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE NONPROFIT ELEEMOSYNARY CORPORATION FORMED TO PROVIDE SCHOLARSHIP AND OTHER COLLEGE SUPPORT FOR THE CITADEL, SO AS TO MAKE A TECHNICAL CORRECTION IN THE SECTION TO ALLOW FUNDS AND PROPERTY ACQUIRED BEFORE AND AFTER THE EFFECTIVE DATE OF THE SECTION TO BE TRANSFERRED TO THIS NONPROFIT ELEEMOSYNARY CORPORATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-121-55(B) of the 1976 Code, which was added by Act 369 of 1990, is further amended to read:
"(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."
SECTION 2. This act takes effect upon approval by the Governor.