S.C. Code Regs. § § 52-902

Current through Register Vol. 48, No. 11, November 22, 2024

Section 52-902 - Requirements of Trust Instrument

A. The trust instrument which establishes the trust must provide:

(1) that the trustee has full and complete authority to manage and control, including the transfer and sale of the assets of the trust, without consulting or notifying any interested party;

(2) the trust does not contain any asset the holding of which by any interested party is prohibited by any law or regulation;

(3) the trust tax return is prepared by the trustee or his designee, and any information relating thereto is not be disclosed to any interested party (except as may be used to itemize trust income summarized in appropriate categories); and

(4) a prohibition concerning communication between the trustee and any interested party concerning the holdings or sources of income of the trust except amounts of cash value or net income or loss; however, such report must not identify any asset or holding.

B. A copy of the trust instrument must be filed by the public official, public member, public employee, or candidate for elective office with the appropriate supervisory office along with a listing of all assets or holdings transferred or to be transferred at the time of originating the trust instrument. The trust instrument and list of assets must be filed, (1) when the trust is established or (2) prior to the public official, member or employee assuming the duties of office, whichever is later.

S.C. Code Regs. § 52-902

Added by State Register Volume 21, Issue No. 6, Part 2, eff June 27, 1997.