H*2255 Session 105 (1983-1984)
H*2255(Rat #0117, Act #0067 of 1983) General Bill, By R. Schwartz
Similar(H 2150)
A Bill to amend Section 33-45-90, Code of Laws of South Carolina, 1976,
relating to limitations on the amount of stock that may be owned by a
stockholder in a cooperative association, so as to provide that a telephone
cooperative association may own a majority or all of the capital stock of
another corporation or cooperative association and may cast votes pertaining
to the management of the other corporation or association in proportion to the
number of shares owned therein; to amend Section 58-3-170, relating to the
authority of the Public Service Commission to fix and supervise agreements
between and among common carriers and telephone and telegraph companies, so as
to provide that with certain exceptions the provisions of the Section do not
apply to transactions between a telephone cooperative association and its
subsidiary corporation or cooperative association; to amend Section 58-9-310,
relating to the requirement that a telephone utility may not sell, merge, or
consolidate its property, powers, franchises, or privileges without the
approval of the Public Service Commission, so as to provide that a telephone
cooperative association may acquire or incorporate a subsidiary corporation or
cooperative association without the approval of the Commission; and to amend
Section 58-9-320, relating to transactions between a telephone utility and its
affiliates and the authority of the Commission to regulate such transactions,
so as to provide that the provisions of this Section do not apply to the
acquisition or incorporation of or merger between a telephone cooperative
association and another corporation or cooperative association.
01/19/83 House Introduced and read first time HJ-420
01/19/83 House Referred to Committee on Judiciary HJ-420
02/23/83 House Committee report: Favorable Judiciary HJ-1113
03/02/83 House Read second time HJ-1260
03/03/83 House Read third time and sent to Senate HJ-1297
03/03/83 Senate Introduced and read first time SJ-611
03/03/83 Senate Referred to Committee on Judiciary SJ-612
05/11/83 Senate Committee report: Favorable Judiciary SJ-1333
05/18/83 Senate Read second time SJ-1394
05/19/83 Senate Read third time and enrolled SJ-1404
05/24/83 Ratified R 117
05/26/83 Signed By Governor
05/26/83 Effective date 05/26/83
05/26/83 Act No. 67
06/07/83 Copies available
(A67, R117, H2255)
AN ACT TO AMEND SECTION 33-45-90, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO LIMITATIONS ON THE AMOUNT OF STOCK THAT MAY BE OWNED BY A
STOCKHOLDER IN A COOPERATIVE ASSOCIATION, SO AS TO PROVIDE THAT A TELEPHONE
COOPERATIVE ASSOCIATION MAY OWN A MAJORITY OR ALL OF THE CAPITAL STOCK OF
ANOTHER CORPORATION OR COOPERATIVE ASSOCIATION AND MAY CAST VOTES
PERTAINING TO THE MANAGEMENT OF THE OTHER CORPORATION OR ASSOCIATION IN
PROPORTION TO THE NUMBER OF SHARES OWNED THEREIN; TO AMEND SECTION 58-3-170,
RELATING TO THE AUTHORITY OF THE PUBLIC SERVICE COMMISSION TO FIX AND
SUPERVISE AGREEMENTS BETWEEN AND AMONG COMMON CARRIERS AND TELEPHONE
AND TELEGRAPH COMPANIES, SO AS TO PROVIDE THAT WITH CERTAIN EXCEPTIONS THE
PROVISIONS OF THE SECTION DO NOT APPLY TO TRANSACTIONS BETWEEN A TELEPHONE
COOPERATIVE ASSOCIATION AND ITS SUBSIDIARY CORPORATION OR COOPERATIVE
ASSOCIATION; TO AMEND SECTION 58-9-310, RELATING TO THE REQUIREMENT THAT A
TELEPHONE UTILITY MAY NOT SELL, MERGE, OR CONSOLIDATE ITS PROPERTY, POWERS,
FRANCHISES, OR PRIVILEGES WITHOUT THE APPROVAL OF THE PUBLIC SERVICE
COMMISSION, SO AS TO PROVIDE THAT A TELEPHONE COOPERATIVE ASSOCIATION MAY
ACQUIRE OR INCORPORATE A SUBSIDIARY CORPORATION OR COOPERATIVE ASSOCIATION
WITHOUT THE APPROVAL OF THE COMMISSION; AND TO AMEND SECTION 58-9-320,
RELATING TO TRANSACTIONS BETWEEN A TELEPHONE UTILITY AND ITS AFFILIATES AND
THE AUTHORITY OF THE COMMISSION TO REGULATE SUCH TRANSACTIONS, SO AS TO
PROVIDE THAT THE PROVISIONS OF THIS SECTION DO NOT APPLY TO THE ACQUISITION OR
INCORPORATION OF OR MERGER BETWEEN A TELEPHONE COOPERATIVE ASSOCIATION
AND ANOTHER CORPORATION OR COOPERATIVE ASSOCIATION.
Be it enacted by the General Assembly of the State of South Carolina:
Telephone Cooperativbe Association may own majority or all of
stock
SECTION 1. Section 33-45-90 of the 1976 Code is amended by adding at the end:
"Notwithstanding the above provisions of this section, a telephone cooperative association may own
a majority or all of the capital stock of another corporation or cooperative association and may cast votes on
subjects pertaining to the management of the other corporation or cooperative association in an amount
proportionally equal to the number of shares owned therein."
Nonapplicability of section
SECTION 2. Section 58-3-170 of the 1976 Code is amended by adding at the end:
"Except insofar as rates, transactions affecting rates, or transactions affecting service areas are
concerned, the provisions of this section do not apply to transactions between a telephone cooperative
association and its subsidiary corporation or cooperative association."
Powers of telephone utilities
SECTION 3. Section 58-9-310 of the 1976 Code is amended to read:
"Section 58-9-310. No telephone utility, without the approval of the Commission after due hearing and
compliance with all other existing requirements of the laws of the State in relation thereto, may sell, transfer,
lease, consolidate, or merge its property, powers, franchises, or privileges or any of them; provided, however,
that a telephone cooperative association may acquire or incorporate a subsidiary corporation or a subsidiary
cooperative association without the approval of the Commission."
Nonapplicability of section
SECTION 4. Section 58-9-320 of the 1976 Code is amended by adding at the end:
"The provisions of this section do not apply to the acquisition or incorporation of or merger between
a telephone cooperative association and another corporation or cooperative association."
Time effective
SECTION 5. This act shall take effect upon approval by the Governor. |