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
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 CommitteeView additional legislative information at the LPITS web site.
(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.