South Carolina General Assembly
107th Session, 1987-1988

Bill 318

                    Current Status

Bill Number:               318
Ratification Number:       2
Act Number                 1
Introducing Body:          Senate
Subject:                   Convertible securities of business
                           corporations
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A1, R2, S318)

AN ACT TO AMEND SECTION 33-9-250, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CONVERTIBLE SECURITIES OF BUSINESS CORPORATIONS, SO AS TO DELETE THE PROVISION WHICH ALLOWS A CORPORATION TO ISSUE BONDS CONVERTIBLE INTO SHARES WITHIN SUCH PERIOD AND UPON SUCH CONDITIONS AS FIXED BY THE BOARD OF DIRECTORS ONLY IF THE ARTICLES OF INCORPORATION AUTHORIZE THE ISSUANCE.

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

Corporation may issue convertible bonds

SECTION 1. Subsection (c) of Section 33-9-250 of the 1976 Code is amended to read:

"(c) A corporation may issue bonds convertible into shares within such period and upon such conditions as may be fixed by the board of directors."

Time effective

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