South Carolina § 6-1-180 Conditions under which special purpose districts may transfer works of art.

South Carolina Statutes

§ 6-1-180 — Conditions under which special purpose districts may transfer works of art.

South Carolina·Title 6 LOCAL GOVERNMENT—PROVISIONS APPLICABLE TO SPECIAL PURPOSE DISTRICTS AND OTHER POLITICAL SUBDIVISIONS·Ch. 1 GENERAL PROVISIONS

(A)Notwithstanding another provision of law, a special purpose district that has acquired a work of art by gift, bequest, purchase, or other means, may transfer ownership of the object:

(1)to a nonprofit corporation organized for the purpose of displaying works of art for the public; and (2) for the consideration and upon the terms the governing body of the special purpose district, in its discretion, finds to be sufficient and appropriate.

(B)A transfer of a work of art by a special purpose district to a nonprofit corporation pursuant to this section must be documented by written agreement in which the nonprofit corporation must covenant that money proceeds, if any, which arise from its subsequent transfer of a work of art must be held by the nonprofit corporation and expended solely i

Free access — add to your briefcase to read the full text and ask questions with AI

(A) Notwithstanding another provision of law, a special purpose district that has acquired a work of art by gift, bequest, purchase, or other means, may transfer ownership of the object: (1) to a nonprofit corporation organized for the purpose of displaying works of art for the public; and (2) for the consideration and upon the terms the governing body of the special purpose district, in its discretion, finds to be sufficient and appropriate. (B) A transfer of a work of art by a special purpose district to a nonprofit corporation pursuant to this section must be documented by written agreement in which the nonprofit corporation must covenant that money proceeds, if any, which arise from its subsequent transfer of a work of art must be held by the nonprofit corporation and expended solely in furtherance of its purpose of displaying works of art for the public.

South Carolina § 6-1-180 (Conditions under which special purpose districts may transfer works of art.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.