Current Status Bill Number:
3218Ratification Number: 14Act Number: 167Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19950110Primary Sponsor: AskinsAll Sponsors: AskinsDrafted Document Number: bbm\9684jm.95Companion Bill Number: 334Date Bill Passed both Bodies: 19950119Governor's Action: VDate of Governor's Action: 19950307Action on Governor's Veto: OSubject: 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 referenceView additional legislative information at the LPITS web site.
(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