Terms Used In South Carolina Code > Title 11 > Chapter 45 - Venture Capital Investment Act of South Carolina

• ANSI: means the American National Standards Institute. See South Carolina Code 10-5-220
• Assets: means all funds, investments, and similar property of the retirement system. See South Carolina Code 9-16-10
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority acting as trustee of the retirement system. See South Carolina Code 9-16-10
• Board: means the Accessibility Committee for the South Carolina Building Codes Council as established in this chapter. See South Carolina Code 10-5-220
• Building Code: means the building code adopted by § 6-9-50(A). See South Carolina Code 10-5-220
• Commission: means the Retirement System Investment Commission. See South Carolina Code 9-16-10
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Ex officio: Literally, by virtue of one's office.
• Facilities: means all building elements defined or specified by ANSI A117. See South Carolina Code 10-5-220
• 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;
  
  (c) is a member of the commission;
  
  (d) is the commission's chief investment officer; or
  
  (e) is the commission's chief executive officer. See South Carolina Code 9-16-10
• Fiduciary: A trustee, executor, or administrator.
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Participant: means an individual who is or has been an employee enrolled in a retirement program and who is or may become eligible to receive or is currently receiving a benefit under the program. See South Carolina Code 9-16-10
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Public buildings: means all buildings, structures, and facilities used by the public that are constructed, purchased, leased, or rented by the use of private funds, including rental apartment complexes of twenty units or more and temporary lodging facilities of twenty units or more, except that the provisions of this article apply to only five percent of those units or a minimum of one unit, whichever is the greater, and provided, further, that the provisions of this article do not apply to a private residence. See South Carolina Code 10-5-220
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Retirement system: means the South Carolina Retirement System, Retirement System for Judges and Solicitors, Retirement System for Members of the General Assembly, National Guard Retirement System, and Police Officers Retirement System established pursuant to Chapters 1, 8, 9, 10 and 11 of this title. See South Carolina Code 9-16-10