Current Status Bill Number:4666 Ratification Number:350 Act Number:308 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960222 Primary Sponsor:Young-Brickell All Sponsors:Young-Brickell, H. Brown, Cato, Wofford and Law Drafted Document Number:bbm\10572jm.96 Companion Bill Number:1187 Date Bill Passed both Bodies:19960417 Date of Last Amendment:19960410 Governor's Action:U Became law without signature of Governor Date of Governor's Action:19960507 Subject:Research Authority, SCRA
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19960515 Act No. A308 ------ 19960507 Unsigned, became law without signature of Governor ------ 19960430 Ratified R350 House 19960417 Concurred in Senate amendment, enrolled for ratification Senate 19960410 Amended, read third time, returned to House with amendment Senate 19960403 Read second time, notice of general amendments Senate 19960402 Introduced, read first time, placed on Calendar without reference House 19960328 Read third time, sent to Senate House 19960327 Read second time House 19960327 Objection by Representative S. Whipper House 19960320 Committee report: Favorable 26 HLCI House 19960222 Introduced, read first time, 26 HLCI referred to CommitteeView additional legislative information at the LPITS web site.
(A308, R350, H4666)
AN ACT TO AMEND SECTION 13-17-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ESTABLISHMENT OF THE SOUTH CAROLINA RESEARCH AUTHORITY, SO AS TO PROVIDE THAT THE AUTHORITY ALSO MAY BE KNOWN AS "THE SCRA"; AND TO AMEND THE 1976 CODE BY ADDING SECTION 13-17-180 SO AS TO ALLOW THE SOUTH CAROLINA RESEARCH AUTHORITY TO ESTABLISH NOT-FOR-PROFIT CORPORATIONS, AND PROVIDE FOR THE POWERS OF THESE CORPORATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
Alternate name
SECTION 1. Section 13-17-10 of the 1976 Code is amended to read:
"Section 13-17-10. There is created a body corporate and politic to be known as the South Carolina Research Authority (authority) or as the SCRA. The principal office of the authority must be in the standard metropolitan area of Columbia."
Not-for-profit corporations; powers; etc.
SECTION 2. The 1976 Code is amended by adding:
"Section 13-17-180. The authority is authorized to establish not-for-profit corporations it considers necessary or appropriate to carry out the purposes of this chapter. These corporations have the powers provided to such corporations under applicable corporate law including, but not limited to, the ability to establish one or more for-profit or not-for-profit corporations, provided, however, that such for-profit corporations are subject to applicable federal and state taxes, and provided that such for-profit corporations shall not compete with any for-profit corporations incorporated in South Carolina. Any such corporation shall engage an independent accounting firm to conduct an annual audit of its books and records."
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Became law without the signature of the Governor -- 5/7/96.