There is a newer version of the South Carolina Code of Laws
2012 South Carolina Code of Laws
Title 9 - Retirement Systems
Chapter 11 - POLICE OFFICERS RETIREMENT SYSTEM
Section 9-11-250 - State Treasurer shall be custodian of funds; disbursement; cash shall be kept available.
SC Code § 9-11-250 (2012) What's This?
(1) The State Treasurer shall be the custodian of the funds of the System. All payments from such funds shall be made by him only upon vouchers signed by two persons designated by the Board. No voucher shall be drawn unless it has previously been authorized by resolution of the Board.
(2) For the purpose of meeting disbursements for retirement allowances and other payments, there may be kept available cash, not exceeding ten percent of the total funds of the System, on deposit with the State Treasurer.
HISTORY: 1962 Code Section 65-345.3; 1962 (52) 1933; 1974 (58) 2032.
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