Terms Used In South Carolina Code > Title 59 > Chapter 153 > Article 1 - Duties of the Trustee, Fiduciaries, Agents

• Agent: means the State Treasurer. See South Carolina Code 59-153-10
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assets: means all funds, investments, and similar property owned by the respective state institutions of higher learning and in the custody of the Agent. See South Carolina Code 59-153-10
• Board: means the Board of Trustees of the respective institution of higher learning acting as trustee of the endowment system. See South Carolina Code 59-153-10
• 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.
• Endowment funds: means those funds donated to the respective individual state-supported institutions of higher learning of the State of South Carolina, which are held and invested by the State Treasurer on behalf of the institutions. See South Carolina Code 59-153-10
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means a person who:
  
  (a) exercises any authority to invest or manage assets of a system;
  
  (b) provides investment advice for a fee or other direct or indirect compensation with respect to assets of a system or has any authority or responsibility to do so; or
  
  (c) is a member of the board of trustees of the respective institution when it acts as trustee for the endowment system. See South Carolina Code 59-153-10
• 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.
• 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}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Panel: means the State Retirement Systems Investment Panel established pursuant to § 9-16-310. See South Carolina Code 59-153-10
• Trustee: A person or institution holding and administering property in trust.
• Trustee: means the board of trustees of the respective institutions of higher learning. See South Carolina Code 59-153-10