South Carolina Statutes
§ 50-3-930 — Expenditures; limitations and restrictions.
The fund constitutes a special trust derived from a contractual relationship between the State and the members of the public whose investments contribute to the fund. 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 principal of the fund.
(3)The income received and accruing from the investments of the fund must be spent only to acquire additional real property complementary to
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South Carolina § 50-3-930 (Expenditures; limitations and restrictions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1998 Act No. 419, Part II, SECTION 66.
Nearby Sections
15
§ 50-3-10
Former Wildlife and Marine Resources Department transferred to Department of Natural Resources.§ 50-3-1020
Board of Trustees.§ 50-3-1030
Assets of fund.§ 50-3-1040
Restrictions on expenditures from fund.§ 50-3-1050
Expenditure of income.§ 50-3-1070
Successor agency.§ 50-3-1110
Conservation Grant Fund established.§ 50-3-1120
Board; administration of fund.§ 50-3-1130
Funding.