South Carolina General Assembly
110th Session, 1993-1994

Bill 1373


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Introducing Body:               Senate
Bill Number:                    1373
Primary Sponsor:                McGill
Type of Legislation:            GB
Subject:                        Nonprofit organization when
                                dissolved
Residing Body:                  House
Computer Document Number:       1373
Introduced Date:                19940419    
Last History Body:              House
Last History Date:              19940602    
Last History Type:              Debate adjourned
Scope of Legislation:           Statewide
All Sponsors:                   McGill
Type of Legislation:            General Bill



History


Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

1373  House   19940602      Debate adjourned
1373  House   19940525      Recalled from Committee              25
1373  House   19940426      Introduced, read first time,    25
                            referred to Committee
1373  Senate  19940421      Read third time, sent to House
1373  Senate  19940420      Read second time
1373  Senate  19940419      Unanimous consent for second
                            and third reading on the next
                            two consecutive Legislative
                            days
1373  Senate  19940419      Introduced, read first time,
                            placed on Calendar without
                            reference

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

RECALLED

May 25, 1994

S. 1373

Introduced by SENATOR McGill

S. Printed 5/25/94--H.

Read the first time April 26, 1994.

A BILL

TO AMEND ARTICLE 1, CHAPTER 31, TITLE 33, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO NONPROFIT CORPORATIONS LOCATED IN FLORENCE COUNTY, SO AS TO AUTHORIZE THE FORMER BOARD OF DIRECTORS OF A DISSOLVED NONPROFIT CORPORATION OR ELEEMOSYNARY ORGANIZATION TO DISTRIBUTE THE REMAINING ASSETS OF THE ORGANIZATION AND TO PROVIDE THAT EFFECTIVE TWO YEARS AFTER THE EFFECTIVE DATE OF THIS ACT, IF SUCH DISTRIBUTION IS NOT ACCOMPLISHED WITHIN FIVE YEARS OF DISSOLUTION, THE REMAINING ASSETS ESCHEAT TO THE STATE.

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

SECTION 1. Article 1, Chapter 31, Title 33 of the 1976 Code is amended by adding:

"Section 33-31-155. (A) Persons serving as directors or trustees at the time of dissolution of a nonprofit corporation or eleemosynary organization created pursuant to Section 33-31-10 and located in Florence County for the public good other than religious purposes are invested with the authority to dispose of any remaining assets of the corporation by resolution pursuant to the requirements of this section.

(B) The corporation's charter does not have to be reinstated for the disposition of such assets.

(C) The directors or trustees must call a special meeting for the limited purpose of disposing of the corporate assets remaining after dissolution. Notwithstanding any other provision of law, a quorum shall not be required for the conducting of the special meeting. Notice of such meeting must be published in a newspaper of general circulation, in the county in which the organization was perfected, for a period of one week prior to the meeting date.

(D) The assets may only be disposed of if a majority of the directors or trustees present and voting cast a favorable majority for such disposition. The assets must be distributed in such a manner to ensure their continued use for public and civic purposes.

(E) If persons serving as directors or trustees at the time of dissolution are deceased or have not taken action to dispose of assets of a dissolved nonprofit eleemosynary organization within five years of dissolution, any remaining assets escheat to the general fund of the State."

SECTION 2. This act takes effect upon approval by the Governor with the exception of Section 33-31-155(E), which shall take effect two years from the date of approval by the Governor.

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