§ 11-49-150 — Consent to and approval of master settlement agreement; modification.

South Carolina § 11-49-150

• Jurisdiction: South Carolina
• Title 11: PUBLIC FINANCE
• Ch. 49: TOBACCO SETTLEMENT REVENUE MANAGEMENT AUTHORITY ACT

Text

The General Assembly consents to and approves the Master Settlement Agreement on behalf of this State and all of its agencies, departments, offices, political subdivisions, and other instrumentalities and bodies politic; and no such agencies, departments, offices, political subdivisions, and other instrumentalities or bodies politic of the State shall have any power or authority to bring suit against the participating manufacturers for claims in the nature of those settled by the Master Settlement Agreement. At any time when bonds are outstanding and for one year and one day thereafter, the State must not agree to the amendment of the Master Settlement Agreement without the approval of the authority; during that period, the authority may approve on behalf of the State amendments to the Master Settlement Agreement if such amendments do not diminish the rights and remedies of the authority or the holders or any outstanding bonds. This restriction on amendment of the Master Settlement Agreement is a part of the covenant with the bondholders.

Legislative History

HISTORY: 2000 Act No. 387, Part II, SECTION 69A.2; 2005 Act No. 61, SECTION 3.