Current Status Introducing Body:
SenateBill Number: 1373Primary Sponsor: McGillType of Legislation: GBSubject: Nonprofit organization when dissolvedResiding Body: HouseComputer Document Number: 1373Introduced Date: 19940419Last History Body: HouseLast History Date: 19940602Last History Type: Debate adjournedScope of Legislation: StatewideAll Sponsors: McGillType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 1373 House 19940602 Debate adjourned 1373 House 19940525 Recalled from Committee 25 1373 House 19940426 Introduced, read first time, 25 referred to Committee 1373 Senate 19940421 Read third time, sent to House 1373 Senate 19940420 Read second time 1373 Senate 19940419 Unanimous consent for second and third reading on the next two consecutive Legislative days 1373 Senate 19940419 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
May 25, 1994
S. Printed 5/25/94--H.
Read the first time April 26, 1994.
TO AMEND ARTICLE 1, CHAPTER 31, TITLE 33, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO NONPROFIT CORPORATIONS LOCATED IN FLORENCE COUNTY, SO AS TO AUTHORIZE THE FORMER BOARD OF DIRECTORS OF A DISSOLVED NONPROFIT CORPORATION OR ELEEMOSYNARY ORGANIZATION TO DISTRIBUTE THE REMAINING ASSETS OF THE ORGANIZATION AND TO PROVIDE THAT EFFECTIVE TWO YEARS AFTER THE EFFECTIVE DATE OF THIS ACT, IF SUCH DISTRIBUTION IS NOT ACCOMPLISHED WITHIN FIVE YEARS OF DISSOLUTION, THE REMAINING ASSETS ESCHEAT TO THE STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 31, Title 33 of the 1976 Code is amended by adding:
"Section 33-31-155. (A) Persons serving as directors or trustees at the time of dissolution of a nonprofit corporation or eleemosynary organization created pursuant to Section 33-31-10 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."
SECTION 2. This act takes effect upon approval by the Governor with the exception of Section 33-31-155(E), which shall take effect two years from the date of approval by the Governor.