South Carolina § 59-153-10 - Definitions.
Full text of South Carolina South Carolina Code of Laws § 59-153-10 — Definitions., with citation guidance and answers to common questions.
§ 59-153-10. Definitions.
As used in this chapter, unless a different meaning is plainly required by the context:
(1) "Agent" means the State Treasurer.
(2) "Assets" means all funds, investments, and similar property owned by the respective state institutions of higher learning and in the custody of the Agent.
(3) "Beneficiary" means an institution of higher learning which may receive a benefit under the program.
(4) "Board" means the Board of Trustees of the respective institution of higher learning acting as trustee of the endowment system.
(5) "Fiduciary" means a person who:
(a) exercises any authority to invest or manage assets of a system;
(b) provides investment advice for a fee or other direct or indirect compensation with respect to assets of a system or has any authority or responsibility to do so; or
(c) is a member of the board of trustees of the respective institution when it acts as trustee for the endowment system.
(6) "Panel" means the State Retirement Systems Investment Panel established pursuant to Section 9-16-310.
(7) "Endowment funds" means those funds donated to the respective individual state-supported institutions of higher learning of the State of South Carolina, which are held and invested by the State Treasurer on behalf of the institutions. The endowment of each institution is separate and cannot be commingled, except under those circumstances where it can be invested in liquid assets as approved by the appropriate trustees.
(8) "Trustee" means the board of trustees of the respective institutions of higher learning.
HISTORY: 1999 Act No. 122, SECTION 2.
Editor's Note
Section 9-16-310, referenced in item (6), was repealed by 2012 Act No. 278.
Frequently Asked Questions About South Carolina § 59-153-10
What does South Carolina Code of Laws § 59-153-10 cover?
Section 59-153-10 ("Definitions.") 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 § 59-153-10?
A common citation format is "South Carolina Code of Laws § 59-153-10" (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 § 59-153-10 apply to my situation?
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Sources & Verification
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