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TO AMEND SECTION 62-7-405, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CHARITABLE TRUSTS, SO AS TO PROVIDE THAT CHARITABLE TRUSTS ARE NOT REQUIRED TO BE FILED WITH THE ATTORNEY GENERAL UNLESS REQUIRED BY STATUTE, RULE, OR REGULATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 62-7-405 of the 1976 Code is amended to read:
"Section 62-7-405. (a) A charitable trust may be created for the relief of distress or poverty, the advancement of education or religion, the promotion of health, scientific, literary, benevolent, governmental or municipal purposes, or other purposes, the achievement of which purposes is beneficial to the community.
(b) If the terms of a charitable trust do not indicate a particular charitable purpose or beneficiary, the court may select one or more charitable purposes or beneficiaries. The selection must be consistent with the settlor's intention to the extent it can be ascertained.
(c) The settlor of a charitable trust, the trustee, and the Attorney General, among others may maintain a proceeding to enforce the trust.
(d) Unless excepted otherwise required by statute or by rule or regulation of the Attorney General, the trustees of charitable trusts in existence on the effective date of this article, or thereafter created, under the laws of this State, shall file a certified copy of the trust instrument with the Attorney General within ninety days after such date or within sixty days after the creation of the trust, whichever is later shall not be required to file with the Attorney General any copies of trusts instruments or reports concerning the activities of charitable trusts.
(e) The Attorney General may make such rules and regulations relating to the information to be contained with the filing of a trust as may be required by this part.
(f) All trustees of any trust governed by the laws of this State whose governing instrument does not expressly provide that this section shall not apply to such trust are required to act or to refrain from acting so as not to subject the trust to the taxes imposed by Sections 4941, 4942, 4943, 4944, or 4945 of the Internal Revenue Code, or corresponding provisions of any subsequent United States internal revenue law.
(g) Nothing contained in Sections 33-31-150 and 33-31-151 may be construed to cause a forfeiture or reversion of any of the property of a trust which is subject to such sections, or to make the purposes of the trust impossible of accomplishment."
SECTION 2. This act takes effect upon approval by the Governor.
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