South Carolina § 33-37-1070 Disposition of earnings and interest on state fund account and loss reserve account.

South Carolina Statutes

§ 33-37-1070 — Disposition of earnings and interest on state fund account and loss reserve account.

South Carolina § 33-37-1070

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 37BUSINESS DEVELOPMENT CORPORATIONS

This text of South Carolina § 33-37-1070 (Disposition of earnings and interest on state fund account and loss reserve account.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 33-37-1070 (2026).

Text

Earnings or interest from the principal of the state fund account and the loss reserve account must be paid monthly to BDC. In the event the interest paid to the BDC amounts to less than fifty thousand dollars in any year, the difference between the amount paid from interest and fifty thousand dollars must be paid to the BDC from the state fund account, if available, in January of the following year:

(1)as compensation for its administration and management of the CAP and the accounts; and (2) for economic development in South Carolina for the purposes and within the meanings set forth in this chapter and in the corporate charter of BDC.

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Earnings or interest from the principal of the state fund account and the loss reserve account must be paid monthly to BDC. In the event the interest paid to the BDC amounts to less than fifty thousand dollars in any year, the difference between the amount paid from interest and fifty thousand dollars must be paid to the BDC from the state fund account, if available, in January of the following year: (1) as compensation for its administration and management of the CAP and the accounts; and (2) for economic development in South Carolina for the purposes and within the meanings set forth in this chapter and in the corporate charter of BDC.

Legislative History

HISTORY: 2005 Act No. 157, SECTION 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015. Effect of Amendment 2015 Act No. 60, SECTION 1, added the second sentence in the first paragraph, relating to interest amounts to less than fifty thousand dollars.