§ 12-21-4080 — Promoter to turn over proceeds; member to deposit proceeds.

South Carolina § 12-21-4080

• Jurisdiction: South Carolina
• Title 12: TAXATION
• Ch. 21: STAMP AND BUSINESS LICENSE TAX

Text

(A) Upon completion of the session, the promoter or the organization member representative shall deposit the gross proceeds from the session less the amount paid out as prizes into the bingo checking account. If the promoter is authorized by the organization to make the session deposit, the promoter shall deliver to the organization representative evidence that the deposit was made in a timely manner. This evidence must be furnished no later than the next business day following the day of the bingo session on which the proceeds were obtained. (B) The representative member of the nonprofit organization shall deposit the funds into the bingo checking or savings account as described in Section 12-21-4090. For purposes of this section, a member of the licensed nonprofit organization is any individual who holds a full membership in the organization as defined by the organization's constitution, charter, articles of incorporation or by-laws and has been a member of the organization for at least one year. The term also includes those individuals who are members of an auxiliary or recognized junior affiliate of the parent organization.

Legislative History

HISTORY: 1996 Act No. 449, SECTION 1; 2002 Act No. 334, SECTION 16G, eff October 1, 2002.