A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 62-1-113 SO AS TO PROVIDE A DEFINITION FOR THE TERM "TRUST BUSINESS."

 

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

 

SECTION 1.  Part 1, Article 1, Title 62 of the S.C. Code is amended by adding:

 

    Section 62-1-113.  For purposes of the South Carolina Code of Laws, "trust business" means the provision of services related to the investment in or management of a common trust fund and does not include any other fiduciary activities by an individual or organization, regardless of the corporate form.

 

SECTION 2.  This act takes effect upon approval by the Governor.

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