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

AMENDED

May 16, 1991

H. 3631

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.