Current Status Introducing Body:House Bill Number:3631 Primary Sponsor:Hodges Committee Number:11 Type of Legislation:GB Subject:Corporation shareholders Residing Body:Senate Computer Document Number:436/11333.DW Introduced Date:Feb 28, 1991 Date of Last Amendment:May 08, 1991 Last History Body:Senate Last History Date:May 21, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Hodges Type of Legislation:General Bill
Bill Body Date Action Description CMN
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3631 Senate May 21, 1991 Introduced, read first time, 11
referred to Committee
3631 House May 17, 1991 Read third time, sent to
Senate
3631 House May 16, 1991 Unanimous consent for third
reading on next Legislative
day
3631 House May 16, 1991 Read second time
3631 House May 15, 1991 Debate adjourned until
Thursday, May 16
3631 House May 14, 1991 Debate adjourned until
Wednesday, May 15
3631 House May 09, 1991 Debate adjourned until
Tuesday, May 14
3631 House May 08, 1991 Debate adjourned
3631 House May 08, 1991 Amended
3631 House Apr 24, 1991 Committee Report: Favorable 26
with amendment
3631 House Feb 28, 1991 Introduced, read first time, 26
referred to Committee
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Indicates Matter Stricken
Indicates New Matter
AMENDED
May 16, 1991
H. 3631
S. Printed 5/16/91--H.
Read the first time February 28, 1991.
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.