Bill 574

                    Current Status

Bill Number:               574
Ratification Number:       322
Act Number                 314
Introducing Body:          Senate
Subject:                   "The International Bank"
                           defined

(A314, R322, S574)

AN ACT TO AMEND SECTIONS 11-1-70 AND 11-9-660, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INVESTMENT OF FUNDS OF THE STATE AND ITS POLITICAL SUBDIVISIONS, SO AS TO AUTHORIZE THEIR INVESTMENT IN SECURITIES ISSUED BY THE AFRICAN DEVELOPMENT BANK.

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

The International Bank defined

SECTION 1. Section 11-1-70(1)(d) of the 1976 Code is amended to read:

"(d) 'The International Bank' means the International Bank for Reconstruction and Development, the African Development Bank, or the Asian Development Bank, each of which is an international institution, the members of which are governments of certain nations of the world including the government of the United States, and which was established and is operating under articles of agreement signed by those governments;".

Obligations issued

SECTION 2. Section 11-9-660(7) of the 1976 Code is amended to read:

"(7) Obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, the African Development Bank, and the Asian Development Bank;".

Time effective

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

Approved the 31st day of January, 1990.