South Carolina General Assembly
108th Session, 1989-1990

Bill 207

                    Current Status

Bill Number:               207
Ratification Number:       6
Act Number                 3
Introducing Body:          Senate
Subject:                   Definition of a "start-up business"
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A3, R6, S207)

AN ACT TO AMEND SECTION 41-44-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE PALMETTO SEED CAPITAL CORPORATION AND THE PALMETTO SEED CAPITAL FUND LIMITED PARTNERSHIP, SO AS TO REVISE THE DEFINITION OF A "START-UP BUSINESS", AND SECTION 41-44-60, RELATING TO THE PALMETTO SEED CAPITAL CORPORATION AND PARTNERSHIP, SO AS TO FURTHER PROVIDE FOR THE GENERAL NATURE OF THE BUSINESS OF THE CORPORATION AND TO REVISE THE PURPOSE FOR WHICH MONIES RAISED BY THE PARTNERSHIP MAY BE USED.

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

Definition revised

SECTION 1. Section 41-44-10(K) of the 1976 Code is amended to read:

"(K) 'Start-up business' means a South Carolina business which is in the first thirty-six months of providing goods or services in the ordinary course of business, or any South Carolina business which qualified as a start-up business by this definition at the time it entered the fund's seed capital portfolio."

General business nature revised

SECTION 2. Section 41-44-60(B) of the 1976 Code is amended to read:

"(B) The Governor shall cause the corporation to be formed, and he shall designate the incorporators. The initial board of directors must consist of three members, one of whom must be appointed by the Governor and two of whom must be appointed by the State Development Board. Members of the initial board of directors shall serve three-year terms. The initial board of directors must be representative of the State as a whole. The articles of incorporation must provide that the name of the corporation is the 'Palmetto Seed Capital Corporation' and the registered agent must be designated by the Governor.