South Carolina Code 59-40-120. Dissolution of charter school
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Terms Used In South Carolina Code 59-40-120
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- charter school: means a public, nonreligious, nonhome-based, nonprofit corporation forming a school that operates by sponsorship of a public school district, the South Carolina Public Charter School District, or a public or independent institution of higher learning, but is accountable to the board of trustees, or in the case of technical colleges, the area commission, of the sponsor which grants its charter. See South Carolina Code 59-40-40
- Donor: The person who makes a gift.
- Sponsor: means the South Carolina Public Charter School District Board of Trustees, the local school board of trustees in which the charter school is to be located, as provided by law, a public institution of higher learning as defined in § 59-103-5, or an independent institution of higher learning as defined in § 59-113-50, from which the charter school applicant requested its charter and which granted approval for the charter school's existence. See South Carolina Code 59-40-40
Upon dissolution of a charter school, its assets may not inure to the benefit of any private person. Any assets obtained through restricted agreements with a donor through awards, grants, or gifts must be returned to that entity. All other assets become property of the sponsor.