South Carolina § 50-3-1040 Restrictions on expenditures from fund.

South Carolina Statutes

§ 50-3-1040 — Restrictions on expenditures from fund.

South Carolina·Title 50 FISH, GAME AND WATERCRAFT·Ch. 3 DEPARTMENT OF NATURAL RESOURCES

The fund constitutes a special trust derived from a contractual relationship between the State and contributors to the fund, including members of the public. In recognition of the special trust, the following limitations and restrictions are placed on expenditures from the fund:

(1)Any limitations or restrictions specified by the donors on the uses of the income derived from the gifts, grants, and voluntary contributions are respected but are not binding.

(2)After applying income received and accruing from the investments of gifts, grants, and contributions, the board of trustees of the fund may liquidate and expend the principal of the fund.

(3)The assets of the fund, both principal and income received and accruing from the investments, must be spent only in furthering the operation an

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The fund constitutes a special trust derived from a contractual relationship between the State and contributors to the fund, including members of the public. In recognition of the special trust, the following limitations and restrictions are placed on expenditures from the fund: (1) Any limitations or restrictions specified by the donors on the uses of the income derived from the gifts, grants, and voluntary contributions are respected but are not binding. (2) After applying income received and accruing from the investments of gifts, grants, and contributions, the board of trustees of the fund may liquidate and expend the principal of the fund. (3) The assets of the fund, both principal and income received and accruing from the investments, must be spent only in furthering the operation and maintenance of the Tom Yawkey Wildlife Center and to acquire additional real property complementary to or protective of the Tom Yawkey Wildlife Center. (4) Balances in this fund may be used to match available federal funds. (5) Balances in this fund shall be retained and carried forward from year to year and do not revert to the General Fund of the State and may be used to match available federal funds.

South Carolina § 50-3-1040 (Restrictions on expenditures from fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.