South Carolina General Assembly
113th Session, 1999-2000

Download This Version in Microsoft Word format

Bill 324

Indicates Matter Stricken
Indicates New Matter

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

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

February 17, 1999

S. 324

Introduced by Senator Russell

S. Printed 2/17/99--S.

Read the first time January 14, 1999.

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (S. 324), to amend Section 33-31-302, Code of Laws of South Carolina, 1976, relating to the general powers of a nonprofit corporation, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

JOHN R. RUSSELL, for Committee.

A BILL

TO AMEND SECTION 33-31-302, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE GENERAL POWERS OF A NONPROFIT CORPORATION UNDER THE SOUTH CAROLINA NONPROFIT CORPORATION ACT OF 1994, SO AS TO CLARIFY THAT A NONPROFIT CORPORATION MAY SERVE AS A TRUSTEE OF A TRUST IN WHICH IT HAS A BENEFICIAL INTEREST AND TO PROVIDE THAT A NONPROFIT CORPORATE TRUSTEE OF A TRUST IN WHICH IT HAS A BENEFICIAL INTEREST IS NOT CONDUCTING A TRUST BUSINESS WITH REGARD TO THAT TRUST.

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

SECTION 1. Section 33-31-302(9) of the 1976 Code, as added by Act 384 of 1994, is amended to read:

"(9) to be a promoter, partner, trustee, member, associate, or manager of any partnership, joint venture, trust, or other entity. When acting as a trustee of a trust in which it has a beneficial interest, the corporation is not conducting a trust business with regard to that trust for purposes of Section 34-21-10;"

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

----XX----


This web page was last updated on Friday, June 26, 2009 at 2:58 P.M.