H*3630(Rat #0493, Act #0420 of 1992)  General Bill, By J.H. Hodges
 A Bill to amend Section 33-16-210, Code of Laws of South Carolina, 1976,
 relating to the requirement that a corporation is required to report to
 shareholders shares issued for promissory notes or for promises to render
 services in the future, so as to exempt a corporation that is subject to the
 registration requirements of Section 12 of the Securities and Exchange Act of
 1934, if the shares are issued pursuant to a plan that has been approved by
 the shareholders of the corporation.-amended title

   02/28/91  House  Introduced and read first time HJ-23
   02/28/91  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-23
   04/24/91  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-5
   05/07/91  House  Debate interrupted HJ-13
   05/08/91  House  Read second time HJ-21
   05/09/91  House  Read third time and sent to Senate HJ-13
   05/09/91  Senate Introduced and read first time SJ-8
   05/09/91  Senate Referred to Committee on Judiciary SJ-8
   04/15/92  Senate Committee report: Favorable with amendment
                     Judiciary SJ-12
   04/29/92  Senate Amended
   04/30/92  Senate Amended SJ-82
   04/30/92  Senate Read second time SJ-82
   05/14/92  Senate Read third time and returned to House with
                     amendments SJ-21
   05/21/92  House  Concurred in Senate amendment and enrolled HJ-63
   05/27/92         Ratified R 493
   06/01/92         Signed By Governor
   06/01/92         Effective date 06/01/92
   06/01/92         Act No. 420
   06/17/92         Copies available

AN ACT TO AMEND SECTION 33-16-210, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT A CORPORATION IS REQUIRED TO REPORT TO SHAREHOLDERS SHARES ISSUED FOR PROMISSORY NOTES OR FOR PROMISES TO RENDER SERVICES IN THE FUTURE, SO AS TO EXEMPT A CORPORATION THAT IS SUBJECT TO THE REGISTRATION REQUIREMENTS OF SECTION 12 OF THE SECURITIES AND EXCHANGE ACT OF 1934, IF THE SHARES ARE ISSUED OR AUTHORIZED PURSUANT TO A PLAN THAT HAS BEEN APPROVED BY THE SHAREHOLDERS OF THE CORPORATION.

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

Report to shareholders certain shares issued, exemption

SECTION 1. Section 33-16-210(b) of the 1976 Code is amended to read:

"(b) If a corporation issues or authorizes the issuance of shares for promissory notes or for promises to render services in the future, the corporation shall report in writing to the shareholders the number of shares authorized or issued, and the consideration received by the corporation, with or before the notice of the next shareholders' meeting. However, this report is not required for a corporation subject to the registration requirements of Section 12 of the Securities Exchange Act of 1934, if the shares are issued or authorized pursuant to a plan that has been approved by the shareholders of the corporation."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 1st day of June, 1992.