South Carolina General Assembly
109th Session, 1991-1992

Bill 3630

                    Current Status

Introducing Body:               House
Bill Number:                    3630
Ratification Number:            493
Act Number:                     420
Primary Sponsor:                Hodges
Type of Legislation:            GB
Subject:                        Corporation shareholders
Date Bill Passed both Bodies:   May 21, 1992
Computer Document Number:       436/11334.DW
Governor's Action:              S
Date of Governor's Action:      Jun 01, 1992
Introduced Date:                Feb 28, 1991
Date of Last Amendment:         Apr 30, 1992
Last History Body:              ------
Last History Date:              Jun 01, 1992
Last History Type:              Signed by Governor
Scope of Legislation:           Statewide
All Sponsors:                   Hodges
Type of Legislation:            General Bill
History


 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3630  ------  Jun 01, 1992  Act No. 420
 3630  ------  Jun 01, 1992  Signed by Governor
 3630  ------  May 27, 1992  Ratified R 493
 3630  House   May 21, 1992  Concurred in Senate
                             amendment, enrolled for
                             ratification
 3630  Senate  May 14, 1992  Read third time, returned to
                             House with amendment
 3630  Senate  Apr 30, 1992  Amended, read second time
 3630  Senate  Apr 29, 1992  Amended
 3630  Senate  Apr 15, 1992  Committee Report: Favorable     11
                             with amendment
 3630  Senate  May 09, 1991  Introduced, read first time,    11
                             referred to Committee
 3630  House   May 09, 1991  Read third time, sent to
                             Senate
 3630  House   May 08, 1991  Read second time
 3630  House   May 07, 1991  Debate interrupted
 3630  House   Apr 24, 1991  Committee Report: Favorable     26
 3630  House   Feb 28, 1991  Introduced, read first time,    26
                             referred to Committee
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A420, R493, H3630)

AN ACT TO AMEND SECTION 33-16-210, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT A CORPORATION IS REQUIRED TO REPORT TO SHAREHOLDERS SHARES ISSUED FOR PROMISSORY NOTES OR FOR PROMISES TO RENDER SERVICES IN THE FUTURE, SO AS TO EXEMPT A CORPORATION THAT IS SUBJECT TO THE REGISTRATION REQUIREMENTS OF SECTION 12 OF THE SECURITIES AND EXCHANGE ACT OF 1934, IF THE SHARES ARE ISSUED OR AUTHORIZED PURSUANT TO A PLAN THAT HAS BEEN APPROVED BY THE SHAREHOLDERS OF THE CORPORATION.

Be it enacted by the General Assembly of the State of South Carolina:

Report to shareholders certain shares issued, exemption

SECTION 1. Section 33-16-210(b) of the 1976 Code is amended to read:

"(b) If a corporation issues or authorizes the issuance of shares for promissory notes or for promises to render services in the future, the corporation shall report in writing to the shareholders the number of shares authorized or issued, and the consideration received by the corporation, with or before the notice of the next shareholders' meeting. However, this report is not required for a corporation subject to the registration requirements of Section 12 of the Securities Exchange Act of 1934, if the shares are issued or authorized pursuant to a plan that has been approved by the shareholders of the corporation."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 1st day of June, 1992.