South Carolina General Assembly
108th Session, 1989-1990

Bill 4379

                    Current Status

Bill Number:               4379
Ratification Number:       407
Act Number                 369
Introducing Body:          House
Subject:                   The Citadel Eleemosynary Corporation
                           authorized
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A369, R407, H4379)

AN ACT TO AMEND CHAPTER 121, TITLE 59, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CITADEL, BY ADDING SECTION 59-121-55 SO AS TO AUTHORIZE THE CITADEL BOARD OF VISITORS TO ESTABLISH A NONPROFIT ELEEMOSYNARY CORPORATION FOR THE PURPOSE OF PROVIDING SCHOLARSHIPS AND OTHER FINANCIAL ASSISTANCE AND SUPPORT TO THE COLLEGE, TO AUTHORIZE THE TRANSFER OF CERTAIN NONSTATE APPROPRIATED FUNDS OR PROPERTY TO THIS NONPROFIT CORPORATION, AND TO PROVIDE FOR DISCLOSURE REQUIREMENTS REGARDING THESE FUNDS AND PROPERTY.

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

The Citadel eleemosynary corporation authorized

SECTION 1. Chapter 121, Title 59 of the 1976 Code is amended by adding:

"Section 59-121-55. (A) The Board of Visitors, or individual members or employees of the board or college as designated by the board, are authorized to form or cause to be formed a nonprofit eleemosynary corporation pursuant to Chapter 31 of Title 33, the purpose of which is to provide scholarship and other financial assistance or support to the college.

(B) The Board of Visitors is further authorized to transfer not exceeding twenty million dollars of nonstate appropriated funds and property it holds on the effective date of this section in its name or in the college's name for scholarship and other college support purposes to the nonprofit corporation formed pursuant to subsection (A). These funds and property must be used by the nonprofit corporation for its stated purposes, except that any restrictions or limitations applicable to a specified portion of these funds or property on the effective date of this section continue to be applicable after the transfer of those funds or property to the nonprofit corporation. Any encumbrances or liability on the funds and property so transferred must be assumed by the nonprofit corporation.

(C) The records and proceedings of the nonprofit corporation are subject to disclosure in the manner provided by the Freedom of Information Act."

Time effective

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

Approved the 19th day of March, 1990.