South Carolina Code 63-11-950. Disbursement of funds
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(A) The amount deposited in the trust fund from contributions plus all earnings from the investment of monies of the trust fund credited during the previous fiscal year, after allowances for operating expenses, is available for disbursement upon the authorization of the board of directors.
(B) A quorum of the board members is necessary to authorize the disbursement of funds.
Terms Used In South Carolina Code 63-11-950
- 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.
- Quorum: The number of legislators that must be present to do business.