Current Status Introducing Body:
HouseBill Number: 3631Primary Sponsor: HodgesCommittee Number: 11Type of Legislation: GBSubject: Corporation shareholdersResiding Body: SenateComputer Document Number: 436/11333.DWIntroduced Date: Feb 28, 1991Date of Last Amendment: May 08, 1991Last History Body: SenateLast History Date: May 21, 1991Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: HodgesType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 3631 Senate May 21, 1991 Introduced, read first time, 11 referred to Committee 3631 House May 17, 1991 Read third time, sent to Senate 3631 House May 16, 1991 Unanimous consent for third reading on next Legislative day 3631 House May 16, 1991 Read second time 3631 House May 15, 1991 Debate adjourned until Thursday, May 16 3631 House May 14, 1991 Debate adjourned until Wednesday, May 15 3631 House May 09, 1991 Debate adjourned until Tuesday, May 14 3631 House May 08, 1991 Debate adjourned 3631 House May 08, 1991 Amended 3631 House Apr 24, 1991 Committee Report: Favorable 26 with amendment 3631 House Feb 28, 1991 Introduced, read first time, 26 referred to CommitteeView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
May 16, 1991
S. Printed 5/16/91--H.
Read the first time February 28, 1991.
TO AMEND SECTION 33-6-310, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORIZATION THAT A CORPORATION MAY ACQUIRE ITS OWN SHARES, SO AS TO AUTHORIZE THE CORPORATION TO PROVIDE IN ITS ARTICLES OF INCORPORATION THAT REACQUIRED SHARES MAY BECOME TREASURY SHARES AND AUTHORIZE THE BOARD OF DIRECTORS TO ADOPT ARTICLES OF AMENDMENT PROVIDED THAT REACQUIRED SHARES BECOME TREASURY SHARES WITHOUT SHAREHOLDER ACTION.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 33-6-310 of the 1976 Code is amended to read:
"Section 33-6-310. (a) (A) A corporation may acquire its own shares, and shares so acquired it acquires constitute authorized but unissued shares unless the articles of incorporation provide that acquired shares become treasury shares or prohibit the reissue of acquired shares.
(b) (B) If the articles of incorporation prohibit the reissue of acquired shares, the number of authorized shares is reduced by the number of shares acquired, effective upon amendment of the articles of incorporation.
(c) (C) The board of directors may adopt articles of amendment under this section without shareholder action and deliver them to the Secretary of State for filing. The articles must set forth:
(1) the name of the corporation;
(2) the reduction of the number of authorized shares, itemized by class and series; and
(3) the total number of authorized shares, itemized by class and series, remaining after reduction of the shares.
(D) The board of directors may adopt articles of amendment providing that acquired shares become treasury shares without shareholder action."
SECTION 2. This act takes effect upon approval by the Governor.