S*0207(Rat #0006, Act #0003 of 1989)  General Bill, By J.M. Waddell
 A Bill to amend Section 41-44-10, Code of Laws of South Carolina, 1976,
 relating to definitions for purposes of the Palmetto Seed Capital Corporation
 and the Palmetto Seed Capital Fund Limited Partnership, so as to revise the
 definition of a "start-up business", and Section 41-44-60, relating to the
 Palmetto Seed Capital Corporation and Partnership, so as to further provide
 for the general nature of the business of the corporation and to revise the
 purpose for which monies raised by the Partnership may be used.

   01/19/89  Senate Introduced and read first time SJ-7
   01/19/89  Senate Referred to Committee on Finance SJ-7
   01/25/89  Senate Committee report: Favorable Finance SJ-8
   01/26/89  Senate Read second time SJ-12
   01/26/89  Senate Unanimous consent for third reading on next
                     legislative day SJ-12
   01/27/89  Senate Read third time and sent to House SJ-1
   01/31/89  House  Introduced, read first time, placed on calendar
                     without reference HJ-7
   02/01/89  House  Read second time HJ-28
   02/02/89  House  Read third time and enrolled HJ-11
   02/08/89         Ratified R 6
   02/15/89         Signed By Governor
   02/15/89         Effective date 02/15/89
   02/15/89         Act No. 3
   02/27/89         Copies available

AN ACT TO AMEND SECTION 41-44-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE PALMETTO SEED CAPITAL CORPORATION AND THE PALMETTO SEED CAPITAL FUND LIMITED PARTNERSHIP, SO AS TO REVISE THE DEFINITION OF A "START-UP BUSINESS", AND SECTION 41-44-60, RELATING TO THE PALMETTO SEED CAPITAL CORPORATION AND PARTNERSHIP, SO AS TO FURTHER PROVIDE FOR THE GENERAL NATURE OF THE BUSINESS OF THE CORPORATION AND TO REVISE THE PURPOSE FOR WHICH MONIES RAISED BY THE PARTNERSHIP MAY BE USED.

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

Definition revised

SECTION 1. Section 41-44-10(K) of the 1976 Code is amended to read:

"(K) 'Start-up business' means a South Carolina business which is in the first thirty-six months of providing goods or services in the ordinary course of business, or any South Carolina business which qualified as a start-up business by this definition at the time it entered the fund's seed capital portfolio."

General business nature revised

SECTION 2. Section 41-44-60(B) of the 1976 Code is amended to read:

"(B) The Governor shall cause the corporation to be formed, and he shall designate the incorporators. The initial board of directors must consist of three members, one of whom must be appointed by the Governor and two of whom must be appointed by the State Development Board. Members of the initial board of directors shall serve three-year terms. The initial board of directors must be representative of the State as a whole. The articles of incorporation must provide that the name of the corporation is the 'Palmetto Seed Capital Corporation' and the registered agent must be designated by the Governor.