H*3218(Rat #0014, Act #0167 of 1995)  General Bill, By Askins

Similar(S 334)
 A Bill to authorize the former board of directors of a dissolved nonprofit
 corporation or eleemosynary organization located in Florence County to
 distribute the remaining assets of the organization; and to delay the
 effective date by two years for certain provisions of this Act.

   01/10/95  House  Introduced, read first time, placed on calendar
                     without reference HJ-82
   01/12/95  House  Read second time HJ-44
   01/12/95  House  Unanimous consent for third reading on next
                     legislative day HJ-45
   01/13/95  House  Read third time and sent to Senate HJ-1
   01/17/95  Senate Introduced, read first time, placed on calendar
                     without reference SJ-17
   01/17/95  Senate Unanimous consent for second reading on next
                     legislative day SJ-17
   01/17/95  Senate Unanimous consent for third reading on next
                     legislative day SJ-17
   01/18/95  Senate Read second time SJ-14
   01/19/95  Senate Read third time and enrolled SJ-1
   03/02/95         Ratified R 14
   03/07/95         Vetoed by Governor
   03/15/95  House  Veto overridden by originating body Yeas-3 
                     Nays-0 HJ-21
   03/16/95  Senate Veto overridden Yeas-040  Nays-000 SJ-3
   03/16/95         Effective date 03/16/95 with exception of
                     subsection (E) of Section 1, which shall take
                     effect two years from date of approval
   04/05/95         Copies available
   08/14/95         Act No. 167

AN ACT TO AUTHORIZE THE FORMER BOARD OF DIRECTORS OF A DISSOLVED NONPROFIT CORPORATION OR ELEEMOSYNARY ORGANIZATION LOCATED IN FLORENCE COUNTY TO DISTRIBUTE THE REMAINING ASSETS OF THE ORGANIZATION AND TO DELAY THE EFFECTIVE DATE BY TWO YEARS FOR CERTAIN PROVISIONS OF THIS ACT.

Be it enacted by the General Assembly of the State of South Carolina:

Authority to dispose of assets; etc.

SECTION 1. (A) Persons serving as directors or trustees at the time of dissolution of a nonprofit corporation or eleemosynary organization created pursuant to law and located in Florence County for the public good other than religious purposes are invested with the authority to dispose of any remaining assets of the corporation by resolution pursuant to the requirements of this section.

(B) The corporation's charter does not have to be reinstated for the disposition of such assets.

(C) The directors or trustees must call a special meeting for the limited purpose of disposing of the corporate assets remaining after dissolution. Notwithstanding any other provision of law, a quorum shall not be required for the conducting of the special meeting. Notice of such meeting must be published in a newspaper of general circulation, in the county in which the organization was perfected, for a period of one week prior to the meeting date.

(D) The assets may only be disposed of if a majority of the directors or trustees present and voting cast a favorable majority for such disposition. The assets must be distributed in such a manner to ensure their continued use for public and civic purposes.

(E) If persons serving as directors or trustees at the time of dissolution are deceased or have not taken action to dispose of assets of a dissolved nonprofit eleemosynary organization within five years of dissolution, any remaining assets escheat to the general fund of the State.

Time effective; delayed effective date of certain provisions

SECTION 2. This act takes effect upon approval by the Governor with the exception of subsection (E) of Section 1, which shall take effect two years from the date of approval by the Governor.

Vetoed by the Governor - 3/7/95

Veto overridden by House - 3/15/95

Veto overridden by Senate - 3/16/95