Current Status Bill Number:
334Ratification Number: 3Act Number: 14Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19950110Primary Sponsor: McGillAll Sponsors: McGill, Glover and LeathermanDrafted Document Number: res9581.jymCompanion Bill Number: 3218Date Bill Passed both Bodies: 19950119Governor's Action: VDate of Governor's Action: 19950307Action on Governor's Veto: OSubject: Dissolved nonprofit corporations, Florence County
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19950315 Act No. A14 House 19950315 Veto overridden House 19950314 Debate adjourned on veto message Senate 19950309 Veto overridden ------ 19950307 Vetoed by Governor ------ 19950302 Ratified R3 House 19950119 Read third time, enrolled for ratification House 19950118 Read second time House 19950117 Introduced, read first time, placed on Calendar without reference Senate 19950112 Read third time, sent to House Senate 19950111 Read second time Senate 19950110 Unanimous consent for second and third reading on the next two consecutive Legislative days Senate 19950110 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
(A14, R3, S334)
AN ACT 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:
Authority to dispose of assets; etc.
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."
Time effective; delayed effect of certain provisions
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.
Vetoed by the Governor -- 3/7/95.
Veto overridden by Senate -- 3/9/95.
Veto overridden by House -- 3/15/95.