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324Ratification Number: 59Act Number: 24Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19990114Primary Sponsor: RussellAll Sponsors: RussellDrafted Document Number: l:\council\bills\kgh\15110htc99.docDate Bill Passed both Bodies: 19990519Governor's Action: SDate of Governor's Action: 19990601Subject: Nonprofit corporation may serve as trustee of fund and have beneficial interest in but not conduct business; CharitableHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 19990618 Act No. A24 ------ 19990601 Signed by Governor ------ 19990526 Ratified R59 House 19990519 Read third time, enrolled for ratification House 19990518 Read second time House 19990512 Committee report: Favorable 25 HJ House 19990303 Introduced, read first time, 25 HJ referred to Committee Senate 19990302 Read third time, sent to House Senate 19990218 Read second time Senate 19990217 Committee report: Favorable 11 SJ Senate 19990114 Introduced, read first time, 11 SJ referred to Committee Versions of This Bill Revised on February 17, 1999 - Word format Revised on May 12, 1999 - Word format
(A24, R59, S324)
AN ACT TO AMEND SECTION 33-31-302, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE GENERAL POWERS OF A NONPROFIT CORPORATION UNDER THE SOUTH CAROLINA NONPROFIT CORPORATION ACT OF 1994, SO AS TO CLARIFY THAT A NONPROFIT CORPORATION MAY SERVE AS A TRUSTEE OF A TRUST IN WHICH IT HAS A BENEFICIAL INTEREST AND TO PROVIDE THAT A NONPROFIT CORPORATE TRUSTEE OF A TRUST IN WHICH IT HAS A BENEFICIAL INTEREST IS NOT CONDUCTING A TRUST BUSINESS WITH REGARD TO THAT TRUST.
Be it enacted by the General Assembly of the State of South Carolina:
Serve as trustee
SECTION 1. Section 33-31-302(9) of the 1976 Code, as added by Act 384 of 1994, is amended to read:
"(9) to be a promoter, partner, trustee, member, associate, or manager of any partnership, joint venture, trust, or other entity. When acting as a trustee of a trust in which it has a beneficial interest, the corporation is not conducting a trust business with regard to that trust for purposes of Section 34-21-10;"
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 26th day of May, 1999.
Approved the 1st day of June, 1999.
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