South Carolina Statutes
§ 13-1-740 — Investment of funds.
All funds of the division must be invested by the State Treasurer and, upon approval and designation by the State Treasurer of a financial institution or institutions, all funds must be deposited in such institutions by the division in accordance with policies established by the director. Funds of the division must be paid out only upon warrants issued in accordance with policies established by the director. No warrants may be drawn or issued disbursing any of the funds of the division except for a purpose authorized by this article. The net earnings of the division, beyond that necessary for retirement of its bonds or other obligations or to implement the purposes of this article, may not inure to the benefit of any person other than the division. Upon termination of the existence of the
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South Carolina § 13-1-740 (Investment of funds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1993 Act No. 181, SECTION 245, eff July 1, 1993.
Nearby Sections
15
§ 13-1-10
Department of Commerce established.§ 13-1-1000
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County-commission district overlap; consecutive terms; two commissioners from same county.§ 13-1-1060
Oath of office.§ 13-1-1080
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Division of Public Railways created.§ 13-1-1320
Definitions.§ 13-1-1330
Powers and duties of director of division.