Current Status Introducing Body:Senate Bill Number:397 Primary Sponsor:Waddell Committee Number:02 Type of Legislation:GB Subject:Broker-dealer definition concerning securities Residing Body:Senate Current Committee:Banking and Insurance Computer Document Number:JIC/5165.HC Introduced Date:Jan 09, 1991 Last History Body:Senate Last History Date:Jan 09, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Waddell Type of Legislation:General Bill
Bill Body Date Action Description CMN
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397 Senate Jan 09, 1991 Introduced and read first 02
time, referred to Committee
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TO AMEND SECTION 35-1-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE UNIFORM SECURITIES ACT, SO AS TO PROVIDE THAT THE DEFINITION OF "BROKER-DEALER" DOES NOT INCLUDE A PERSON ACTING AS A BUSINESS BROKER WITH RESPECT TO THE SALE TO ONE PERSON OF ALL THE STOCK OF A CLOSELY-HELD CORPORATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 35-1-20(3) of the 1976 Code is amended by adding at the end:
"`Broker-dealer' does not include a person who acts as a business broker with respect to a transaction involving the offer or sale of all of the stock in a closely-held corporation if the stock is sold only to one person."
SECTION 2. This act takes effect upon approval by the Governor.