2017 South Carolina Code of Laws
Title 54 - Ports and Maritime Matters
CHAPTER 3 - SOUTH CAROLINA STATE PORTS AUTHORITY
Section 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.