Upon dissolution of a charter school, its assets may not inure to the benefit of any private person. Any assets obtained through restricted agreements with a donor through awards, grants, or gifts must be returned to that entity. All other assets become property of the sponsor.
S.C. Code Ann. § 59-40-120
Dissolution of charter school
Known as the South Carolina Charter Schools Act
The act spans §§ 59-40-10 to 59-40-90 (34 sections).
1996 Act No. 447, SECTION 2; 2002 Act No. 341, SECTION 1; 2006 Act No. 274, SECTION 1, eff May 3, 2006.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.