South Carolina § 54-3-1020 - Disbursement of funds; surplus.
Full text of South Carolina South Carolina Code of Laws § 54-3-1020 — Disbursement of funds; surplus., with citation guidance and answers to common questions.
§ 54-3-1020. Disbursement of funds; surplus.
All funds of the Authority shall be deposited in a bank or banks to be designated by the Authority. Funds of the Authority shall be paid out only upon warrants signed by the treasurer of the Authority and countersigned by the chairman or the acting chairman. No warrants shall be drawn or issued disbursing any of the funds of the Authority except for a purpose authorized by this chapter and only when the account or expenditure for which they are to be given in payment has been audited and approved by the Authority. Any and all net revenues or earnings not necessary or desirable for the operation of its business shall be held subject to the further action of the General Assembly.
HISTORY: 1962 Code SECTION 54-62; 1952 Code SECTION 54-62; 1942 (42) 1535.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 54-3-1020
What does South Carolina Code of Laws § 54-3-1020 cover?
Section 54-3-1020 ("Disbursement of funds; surplus.") 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 § 54-3-1020?
A common citation format is "South Carolina Code of Laws § 54-3-1020" (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 § 54-3-1020 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.