Terms Used In South Carolina Code > Title 48 > Chapter 28 - Forest Renewal Practices

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Approved forest management plan: shall mean a forest management plan approved by the State Forester for an eligible landowner. See South Carolina Code 48-28-30
• Approved practices: shall mean those silvicultural practices approved by the State Forester for the purpose of commercially growing timber through the establishment of forest stands or of ensuring the proper regeneration of forest stands to commercial production levels following the harvest of timber. See South Carolina Code 48-28-30
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Commission: shall mean the State Commission of Forestry. See South Carolina Code 48-28-30
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Cost-sharing payment: shall mean financial assistance to partially cover the cost of implementing approved practices in such amounts as the State Forester shall determine, subject to the limitations of this chapter. See South Carolina Code 48-28-30
• Eligible landowner: shall mean a private individual, group, partnership, association, corporation or other legal entity which owns nonindustrial private forest lands capable of producing industrial wood crops. See South Carolina Code 48-28-30
• Eligible lands: shall mean land owned by an eligible landowner. See South Carolina Code 48-28-30
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Forest renewal assessment: shall mean an assessment on primary forest products from timber severed in South Carolina for the funding of the provisions of this chapter. See South Carolina Code 48-28-30
• Forest renewal fund: shall mean the special nonlapsing fund provided by § 48-28-100 established in the Commission designated as the forest renewal fund. See South Carolina Code 48-28-30
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Slippage: shall mean the difference in funds earmarked in the management plan for an approved practice and funds actually earned when the practice is completed. See South Carolina Code 48-28-30
• State Forester: shall mean the director of the State Commission of Forestry. See South Carolina Code 48-28-30
• Trustee: A person or institution holding and administering property in trust.