South Carolina General Assembly
109th Session, 1991-1992

Bill 3832

                    Current Status

Introducing Body:               House
Bill Number:                    3832
Ratification Number:            185
Act Number:                     119
Primary Sponsor:                Kirsh
Type of Legislation:            GB
Subject:                        Citadel, funds from nonprofit
                                organization
Companion Bill Number:          969
Date Bill Passed both Bodies:   May 28, 1991
Computer Document Number:       CYY/18483.SD
Governor's Action:              S
Date of Governor's Action:      May 31, 1991
Introduced Date:                Apr 11, 1991
Last History Body:              ------
Last History Date:              May 31, 1991
Last History Type:              Act No. 119
Scope of Legislation:           Statewide
All Sponsors:                   Kirsh
Type of Legislation:            General Bill
History


 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3832  ------  May 31, 1991  Act No. 119
 3832  ------  May 31, 1991  Signed by Governor
 3832  ------  May 30, 1991  Ratified R 185
 3832  Senate  May 28, 1991  Read third time, enrolled for
                             ratification
 3832  Senate  May 27, 1991  Read second time, unanimous
                             consent for third reading on
                             Tuesday, May 28
 3832  Senate  May 22, 1991  Recalled from Committee         04
 3832  Senate  May 22, 1991  Introduced, read first time,    04
                             referred to Committee
 3832  House   May 21, 1991  Read third time, sent to
                             Senate
 3832  House   May 16, 1991  Read second time
 3832  House   May 08, 1991  Committee Report: Favorable     21
 3832  House   Apr 11, 1991  Introduced, read first time,    21
                             referred to Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A119, R185, H3832)

AN ACT TO AMEND SECTION 59-121-55, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE NONPROFIT ELEEMOSYNARY CORPORATION FORMED TO PROVIDE SCHOLARSHIP AND OTHER COLLEGE SUPPORT FOR THE CITADEL, SO AS TO MAKE A TECHNICAL CORRECTION IN THE SECTION TO ALLOW FUNDS AND PROPERTY ACQUIRED BEFORE AND AFTER THE EFFECTIVE DATE OF THE SECTION TO BE TRANSFERRED TO THIS NONPROFIT ELEEMOSYNARY CORPORATION.

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

Transfer of funds and property

SECTION 1. Section 59-121-55(B) of the 1976 Code, added by Act 369 of 1990, is amended to read:

"(B) The Board of Visitors is further authorized to transfer not exceeding twenty million dollars of nonstate appropriated funds and property it holds 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 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."

Time effective

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

Approved the 31st day of May, 1991.