The authority is authorized to establish not-for-profit corporations it considers necessary or appropriate to carry out the purposes of this chapter. These corporations have the powers provided to corporations under applicable corporate law including, but not limited to, the ability to establish one or more for-profit or not-for-profit corporations, provided, however, that the for-profit corporations are subject to applicable federal and state taxes, and provided that the for-profit corporations may not compete with any for-profit corporations incorporated in South Carolina. These corporations shall engage an independent accounting firm to conduct an annual audit of their books and records.
HISTORY: 1996 Act No. 308, Section 2, eff upon approval (became law without the Governor's signature on May 7,1996); 2005 Act No. 133, Section 1, eff June 7, 2005.
Structure South Carolina Code of Laws
Title 13 - Planning, Research and Development
Chapter 17 - South Carolina Research Authority
Section 13-17-10. Establishment of South Carolina Research Authority.
Section 13-17-20. South Carolina Research Authority; divisions; objectives.
Section 13-17-40. Members of board; terms; vacancies; compensation; annual reports; meetings.
Section 13-17-50, 13-17-60. Reserved.
Section 13-17-70. Powers of board of trustees.
Section 13-17-80. Board of trustees to exercise power of authority; exceptions; quorum.
Section 13-17-81. "Research park" defined.
Section 13-17-85. Confidentiality.
Section 13-17-88. Target programs of excellence; Industry Partnership Fund.
Section 13-17-89. Prohibition on pledging credit of State.
Section 13-17-90. Exemption from taxation.
Section 13-17-100. State not obligated, liable, or responsible.
Section 13-17-130. Assistance to public and private universities.
Section 13-17-140. Identification of common interest areas; promotion of universities.
Section 13-17-150. Establishment of statewide professional research organization.
Section 13-17-160. Restrictions on authority.
Section 13-17-170. Exemption of authority and its employees from certain Code provisions.
Section 13-17-180. Not-for-profit corporations; powers and limitations; annual audit.