Current Status Bill Number:
1187Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19960228Primary Sponsor: PassailaigueAll Sponsors: PassailaigueDrafted Document Number: res9940.elpCompanion Bill Number: 4666Residing Body: SenateCurrent Committee: Finance Committee 06 SFDate of Last Amendment: 19960328Subject: Research Authority, SCRA
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19960410 Recommitted to Committee 06 SF Senate 19960328 Amended, read second time, ordered to third reading with notice of general amendments Senate 19960327 Committee report: Favorable with 06 SF amendment Senate 19960228 Introduced, read first time, 06 SF referred to CommitteeView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
COMMITTEE AMENDMENT ADOPTED
March 28, 1996
S. Printed 3/28/96--S.
Read the first time February 28, 1996.
TO AMEND SECTION 13-17-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ESTABLISHMENT OF THE SOUTH CAROLINA RESEARCH AUTHORITY, SO AS TO PROVIDE THAT THE AUTHORITY ALSO MAY BE KNOWN AS "THE SCRA"; AND TO AMEND THE 1976 CODE BY ADDING SECTION 13-17-180 SO AS TO ALLOW THE SOUTH CAROLINA RESEARCH AUTHORITY TO ESTABLISH NOT-FOR-PROFIT CORPORATIONS, AND PROVIDE FOR THE POWERS OF THESE CORPORATIONS.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 13-17-10 of the 1976 Code is amended to read:
"Section 13-17-10. There is created a body corporate and politic to be known as the South Carolina Research Authority (authority) or as the SCRA. The principal office of the authority must be in the standard metropolitan area of Columbia."
SECTION 2. The 1976 Code is amended by adding:
"Section 13-17-180. The authority is authorized to establish not-for-profit corporations it considers necessary or appropriate to carry out the purposes of this chapter. These corporations have the powers provided to such corporations under applicable corporate law including, but not limited to, the ability to establish one or more for-profit or not-for-profit corporations, provided, however, that such for-profit corporations are subject to applicable federal and state taxes. Any such corporation shall engage an independent accounting firm to conduct an annual audit of its books and records."
SECTION 3. This act takes effect upon approval by the Governor.