Current Status Introducing Body:
HouseBill Number: 3832Ratification Number: 185Act Number: 119Primary Sponsor: KirshType of Legislation: GBSubject: Citadel, funds from nonprofit organizationCompanion Bill Number: 969Date Bill Passed both Bodies: May 28, 1991Computer Document Number: CYY/18483.SDGovernor's Action: SDate of Governor's Action: May 31, 1991Introduced Date: Apr 11, 1991Last History Body: ------Last History Date: May 31, 1991Last History Type: Act No. 119Scope of Legislation: StatewideAll Sponsors: KirshType of Legislation: General Bill
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 CommitteeView additional legislative information at the LPITS web site.
(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."
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 31st day of May, 1991.