South Carolina Code 59-121-55. Formation of nonprofit eleemosynary corporation; transfer of funds or property; application of Freedom of Information Act
(B) The Board of Visitors is further authorized to transfer funds and property privately donated to the college, and income or proceeds derived from these privately donated funds and property, that the board 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, property, and income and proceeds derived from them, 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 the funds, property, and income and proceeds derived from them, to the nonprofit corporation. Any encumbrances or liability on the funds, property, and income and proceeds derived from them so transferred must be assumed by the nonprofit corporation.
Terms Used In South Carolina Code 59-121-55
- 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.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
(C) The records and proceedings of the nonprofit corporation are subject to disclosure in the manner provided by the Freedom of Information Act.