South Carolina § 50-3-1040 - Restrictions on expenditures from fund.
Full text of South Carolina South Carolina Code of Laws § 50-3-1040 — Restrictions on expenditures from fund., with citation guidance and answers to common questions.
§ 50-3-1040. Restrictions on expenditures from fund.
The fund constitutes a special trust derived from a contractual relationship between the State and contributors to the fund, including members of the public. 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 the principal of the fund.
(3) The assets of the fund, both principal and income received and accruing from the investments, must be spent only in furthering the operation and maintenance of the Tom Yawkey Wildlife Center and to acquire additional real property complementary to or protective of the Tom Yawkey Wildlife Center.
(4) Balances in this fund may be used to match available federal funds.
(5) Balances in this fund shall be retained and carried forward from year to year and do not revert to the General Fund of the State and may be used to match available federal funds.
HISTORY: 2014 Act No. 168 (S.1010), SECTION 1, eff May 16, 2014.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 50-3-1040
What does South Carolina Code of Laws § 50-3-1040 cover?
Section 50-3-1040 ("Restrictions on expenditures from fund.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 50-3-1040?
A common citation format is "South Carolina Code of Laws § 50-3-1040" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 50-3-1040 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.