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Bill Number: 318 Ratification Number: 2 Act Number 1 Introducing Body: Senate Subject: Convertible securities of business corporations
(A1, R2, S318)
AN ACT TO AMEND SECTION 33-9-250, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CONVERTIBLE SECURITIES OF BUSINESS CORPORATIONS, SO AS TO DELETE THE PROVISION WHICH ALLOWS A CORPORATION TO ISSUE BONDS CONVERTIBLE INTO SHARES WITHIN SUCH PERIOD AND UPON SUCH CONDITIONS AS FIXED BY THE BOARD OF DIRECTORS ONLY IF THE ARTICLES OF INCORPORATION AUTHORIZE THE ISSUANCE.
Be it enacted by the General Assembly of the State of South Carolina:
Corporation may issue convertible bonds
SECTION 1. Subsection (c) of Section 33-9-250 of the 1976 Code is amended to read:
"(c) A corporation may issue bonds convertible into shares within such period and upon such conditions as may be fixed by the board of directors."
SECTION 2. This act takes effect upon approval by the Governor.