Bill 1187

                    Current Status

Bill Number:                       1187
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19960228
Primary Sponsor:                   Passailaigue 
All Sponsors:                      Passailaigue 
Drafted Document Number:           res9940.elp
Companion Bill Number:             4666
Residing Body:                     Senate
Current Committee:                 Finance Committee 06 SF
Date of Last Amendment:            19960328
Subject:                           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 Committee

Indicates Matter Stricken
Indicates New Matter

COMMITTEE AMENDMENT ADOPTED

March 28, 1996

S. 1187

S. Printed 3/28/96--S.

Read the first time February 28, 1996.

A BILL

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.