Bill 3218

                    Current Status

Bill Number:                    3218
Ratification Number:            14
Act Number:                     167
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19950110
Primary Sponsor:                Askins 
All Sponsors:                   Askins 
Drafted Document Number:        bbm\9684jm.95
Companion Bill Number:          334
Date Bill Passed both Bodies:   19950119
Governor's Action:              V
Date of Governor's Action:      19950307
Action on Governor's Veto:      O
Subject:                        Nonprofit corporation,
                                dissolved

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19950316  Act No. A167
Senate  19950316  Veto overridden
House   19950315  Veto overridden
------  19950307  Vetoed by Governor
------  19950302  Ratified R14
Senate  19950119  Read third time, enrolled for
                  ratification
Senate  19950118  Read second time
Senate  19950117  Unanimous consent for second
                  and third reading on the next two
                  consecutive Legislative days
Senate  19950117  Introduced, read first time,
                  placed on Calendar without reference
House   19950113  Read third time, sent to Senate
House   19950112  Unanimous consent for third
                  reading on the next Legislative day
House   19950112  Read second time
House   19950110  Introduced, read first time,
                  placed on Calendar without reference

(A167, R14, H3218)

AN ACT TO AUTHORIZE THE FORMER BOARD OF DIRECTORS OF A DISSOLVED NONPROFIT CORPORATION OR ELEEMOSYNARY ORGANIZATION LOCATED IN FLORENCE COUNTY TO DISTRIBUTE THE REMAINING ASSETS OF THE ORGANIZATION AND TO DELAY THE EFFECTIVE DATE BY TWO YEARS FOR CERTAIN PROVISIONS OF THIS ACT.

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

Authority to dispose of assets; etc.

SECTION 1. (A) Persons serving as directors or trustees at the time of dissolution of a nonprofit corporation or eleemosynary organization created pursuant to law 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.

Time effective; delayed effective date of certain provisions

SECTION 2. This act takes effect upon approval by the Governor with the exception of subsection (E) of Section 1, which shall take effect two years from the date of approval by the Governor.

Vetoed by the Governor - 3/7/95

Veto overridden by House - 3/15/95

Veto overridden by Senate - 3/16/95