South Carolina Statutes
§ 33-37-1090 — Audits and annual reports.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 37 BUSINESS DEVELOPMENT CORPORATIONS
An independent certified public accountant, as elected annually by the Board of Directors of the BDC, shall conduct an annual certified audit of its management, administration, and recordkeeping in connection with the CAP and provide the audit to the South Carolina Board of Financial Institutions upon its request, the General Assembly upon its request, and the South Carolina Department of Commerce. Annual reports to the South Carolina Department of Commerce and the General Assembly also must include projected capital investment and job creation associated with each CAP loan provided.
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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, reenacted this section with no change.
Nearby Sections
15
§ 33-37-10
Definitions.§ 33-37-1010
Definitions.§ 33-37-1020
Establishment of program; loan loss reserve.§ 33-37-1090
Audits and annual reports.§ 33-37-1100
Dissolution of loss reserve fund.§ 33-37-20
Deposit of funds.§ 33-37-210
Filing declaration of charter; contents.