There is created a body corporate and politic to be known as the South Carolina Research Authority or as the SCRA.

HISTORY: 1983 Act No. 50 Section 2, eff April 29, 1983; 1984 Act No. 309, Section 1, eff March 23, 1984; 1996 Act No. 308, Section 1, eff upon approval (became law without the Governor's signature on May 7, 1996); 2002 Act No. 172, Section 1, eff February 8, 2002; 2005 Act No. 133, Section 1, eff June 7, 2005. LAW REVIEW AND JOURNAL COMMENTARIES Industrial development is a public purpose. 39 S.C. L. Rev. 161, Autumn 1987. NOTES OF DECISIONS In general 1 1. In general State's loss of jobs through startup limited liability company's (LLC) relocation to another state was loss to government grant program which loaned $200,000 to startup; although grant program was non-profit corporation, it was extension of state government with mission to promote development of high technology industries and research facilities in state and to strengthen state's knowledge economy and create high-paying jobs. DD Dannar, LLC v. SC LAUNCH!, Inc. (S.C.App. 2020) 431 S.C. 9, 846 S.E.2d 883. The South Carolina Research Authority is a state agency, since the authority is a corporation owned completely by the people of the state, the authority is empowered to issue revenue bonds under the Advance Refunding Act, which is applicable to public agencies, and, in 1984, the act creating the authority was amended to exempt it from various general law provisions applicable to state agencies and employees. Nichols v. South Carolina Research Authority (S.C. 1986) 290 S.C. 415, 351 S.E.2d 155.