The Treasurer may sell to all political subdivisions of the State participation units in the fund which shall be legal investments for the subdivisions in addition to the investments and deposits authorized in SECTION 6-5-10, 12-45-220, and 11-1-60. The officials charged with custody of the monies of the political subdivisions are authorized to invest in the participation units of the fund only with the consent of their governing bodies.
S.C. Code Ann. § 6-6-30
Sale of participation units to political subdivisions
Applied in 1 court decision — leading case O'BRIEN v. South Carolina ORBIT (2008)
Most recently applied in O'BRIEN v. South Carolina ORBIT (August 2008)
1983 Act No. 54; 1985 Act No. 201, Part II, SECTION 46.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.