Bill 4666

                    Current Status

Bill Number:                    4666
Ratification Number:            350
Act Number:                     308
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19960222
Primary Sponsor:                Young-Brickell
All Sponsors:                   Young-Brickell, H. Brown, Cato,
                                Wofford and Law 
Drafted Document Number:        bbm\10572jm.96
Companion Bill Number:          1187
Date Bill Passed both Bodies:   19960417
Date of Last Amendment:         19960410
Governor's Action:              U  Became law without signature of
                                Governor
Date of Governor's Action:      19960507
Subject:                        Research Authority, SCRA

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19960515  Act No. A308
------  19960507  Unsigned, became law without
                  signature of Governor
------  19960430  Ratified R350
House   19960417  Concurred in Senate amendment, 
                  enrolled for ratification
Senate  19960410  Amended, read third time, 
                  returned to House with amendment
Senate  19960403  Read second time, notice of
                  general amendments
Senate  19960402  Introduced, read first time,
                  placed on Calendar without reference
House   19960328  Read third time, sent to Senate
House   19960327  Read second time
House   19960327  Objection by Representative                      S. Whipper
House   19960320  Committee report: Favorable              26 HLCI
House   19960222  Introduced, read first time,             26 HLCI
                  referred to Committee

(A308, R350, H4666)

AN ACT 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.

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

Alternate name

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."

Not-for-profit corporations; powers; etc.

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, and provided that such for-profit corporations shall not compete with any for-profit corporations incorporated in South Carolina. Any such corporation shall engage an independent accounting firm to conduct an annual audit of its books and records."

Time effective

SECTION 3. This act takes effect upon approval by the Governor.

Became law without the signature of the Governor -- 5/7/96.