Current Status Introducing Body:
SenateBill Number: 1317Primary Sponsor: CourtneyCommittee Number: 25Type of Legislation: GBSubject: Homeowners' associationsResiding Body: HouseCurrent Committee: JudiciaryComputer Document Number: 1317Introduced Date: 19940331Last History Body: HouseLast History Date: 19940412Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: CourtneyType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 1317 House 19940412 Introduced, read first time, 25 referred to Committee 1317 Senate 19940407 Read third time, sent to House 1317 Senate 19940405 Read second time, notice of general amendments 1317 Senate 19940331 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
March 31, 1994
S. Printed 3/31/94--S.
Read the first time March 31, 1994.
TO AMEND SECTION 33-8-105, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TERMS OF DIRECTORS OF CORPORATIONS AND ASSOCIATIONS, SO AS TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO HOMEOWNERS' ASSOCIATIONS; AND TO AMEND SECTION 33-8-106, RELATING TO STAGGERED TERMS FOR DIRECTORS OF CORPORATIONS AND ASSOCIATIONS, SO AS TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO HOMEOWNERS' ASSOCIATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 33-8-105 of the 1976 Code is amended to read:
"Section 33-8-105. (a) The terms of the initial directors of a corporation expire at the first shareholders' meeting at which directors are elected.
(b) The terms of all other directors expire at the next annual shareholders' meeting following their election unless their terms are staggered under Section 33-8-106.
(c) A decrease in the number of directors does not shorten an incumbent director's term.
(d) The term of a director elected to fill a vacancy expires at the next shareholders' meeting at which directors are elected.
(e) Despite the expiration of a director's term, he continues to serve until his successor is elected and qualifies or until there is a decrease in the number of directors.
The provisions of this section do not apply to homeowners' associations."
SECTION 2. Section 33-8-106 of the 1976 Code is amended to read:
"Section 33-8-106. If there are nine or more directors, the articles of incorporation may provide for staggering their terms by dividing the total number of directors into two or three groups, with each group containing one-half or one-third of the total, as near as may be. The terms of directors in the first group expire at the first annual shareholders' meeting after their election; the terms of the third group, if any, expire at the third annual shareholders' meeting after their election. At each annual shareholders' meeting held thereafter, directors are chosen for a term of two years or three years, as the case may be, to succeed those directors whose terms expire. The provisions of this section do not apply to homeowners' associations."
SECTION 3. This act takes effect upon approval by the Governor.