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Bill Number: 2543 Ratification Number: 95 Act Number 58 Introducing Body: House Subject: Amounts to be paid upon death of member
(A58, R95, H2543)
AN ACT TO AMEND SECTION 33-47-470, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SETTLEMENT OF PROPERTY INTERESTS OF MEMBERS OF MARKETING COOPERATIVE ASSOCIATIONS UPON WITHDRAWAL OR EXPULSION, SO AS TO PROVIDE THAT ONE HUNDRED PERCENT OF ALL AMOUNTS DUE SUCH MEMBERS FOR RAW PRODUCTS DELIVERED TO THE ASSOCIATION SHALL BE PAID TO THEM AND OTHER AMOUNTS SHALL BE PAID IN ACCORDANCE WITH THE CHARTER OR BYLAWS OF THE ASSOCIATION.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF SOUTH CAROLINA:
Amounts to be paid upon death of member
SECTION 1. Section 33-47-470 of the 1976 Code is amended to read:
"Section 33-47-470. Upon the death, withdrawal or expulsion of a member, the board of directors of the association shall, within one year, cause to be paid such member or his estate one hundred percent of all amounts due him for any and all raw products which have been delivered by him to the association. All other amounts which might be due for capital stock, certificates of interest, reserves or on account of any other equity credits shall be payable in accordance with the charter or bylaws of the association."
SECTION 2. This act shall take effect upon approval by the Governor.