H 3631 Session 109 (1991-1992)
H 3631 General Bill, By J.H. Hodges
A Bill to amend Section 33-6-310, Code of Laws of South Carolina, 1976,
relating to the authorization that a corporation may acquire its own shares,
so as to authorize the corporation to provide in its articles of incorporation
that reacquired shares may become treasury shares and authorize the board of
directors to adopt articles of amendment provided that reacquired shares
become treasury shares without shareholder action
02/28/91 House Introduced and read first time HJ-23
02/28/91 House Referred to Committee on Labor, Commerce and
Industry HJ-23
04/24/91 House Committee report: Favorable with amendment Labor,
Commerce and Industry HJ-5
05/08/91 House Amended HJ-23
05/08/91 House Debate adjourned until Thursday, May 9, 1991 HJ-24
05/09/91 House Debate adjourned until Tuesday, May 14, 1991 HJ-20
05/14/91 House Debate adjourned until Wednesday, May 15, 1991 HJ-1
05/15/91 House Debate adjourned until Thursday, May 16, 1991 HJ-16
05/16/91 House Read second time HJ-11
05/16/91 House Unanimous consent for third reading on next
legislative day HJ-12
05/17/91 House Read third time and sent to Senate HJ-62
05/21/91 Senate Introduced and read first time SJ-139
05/21/91 Senate Referred to Committee on Judiciary SJ-139
Indicates Matter Stricken
Indicates New Matter
AMENDED
May 16, 1991
H. 3631
Introduced by REP. Hodges
S. Printed 5/16/91--H.
Read the first time February 28, 1991.
A BILL
TO AMEND SECTION 33-6-310, CODE OF LAWS OF SOUTH
CAROLINA, 1976, RELATING TO THE AUTHORIZATION THAT
A CORPORATION MAY ACQUIRE ITS OWN SHARES, SO AS TO
AUTHORIZE THE CORPORATION TO PROVIDE IN ITS
ARTICLES OF INCORPORATION THAT REACQUIRED SHARES
MAY BECOME TREASURY SHARES AND AUTHORIZE THE
BOARD OF DIRECTORS TO ADOPT ARTICLES OF AMENDMENT
PROVIDED THAT REACQUIRED SHARES BECOME TREASURY
SHARES WITHOUT SHAREHOLDER ACTION.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 33-6-310 of the 1976 Code is amended to read:
"Section 33-6-310. (a) (A) A
corporation may acquire its own shares, and shares so acquired
it acquires constitute authorized but unissued shares unless
the articles of incorporation provide that acquired shares become
treasury shares or prohibit the reissue of acquired shares.
(b) (B) If the articles of incorporation prohibit the
reissue of acquired shares, the number of authorized shares is reduced
by the number of shares acquired, effective upon amendment of the
articles of incorporation.
(c) (C) The board of directors may adopt articles of
amendment under this section without shareholder action and deliver
them to the Secretary of State for filing. The articles must set forth:
(1) the name of the corporation;
(2) the reduction of the number of authorized shares, itemized
by class and series; and
(3) the total number of authorized shares, itemized by class
and series, remaining after reduction of the shares.
(D) The board of directors may adopt articles of amendment
providing that acquired shares become treasury shares without
shareholder action."
SECTION 2. This act takes effect upon approval by the Governor.
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