South Carolina § 35-2-104 - "Issuing public corporation" defined.

§ 35-2-104. "Issuing public corporation" defined.

(a) As used in this article, "issuing public corporation" means a domestic corporation that has either:

(1) a class of voting shares registered with the Securities and Exchange Commission or another federal agency under Section 12 of the 1934 Exchange Act; and

(2) its principal place of business, its principal office, or substantial assets within South Carolina; and either:

(A) more than ten percent of its shareholders resident in South Carolina;

(B) more than ten percent of its shares owned by South Carolina residents; or

(C) ten thousand shareholders resident in South Carolina.

(b) The residence of a shareholder is presumed to be the address appearing in the records of the corporation.

(c) Shares held by banks (except as trustee or guardian), brokers, or nominees must be disregarded for purposes of calculating the percentages or numbers described in this section.

HISTORY: 1988 Act No. 444, SECTION 5, eff April 22, 1988; 1990 Act No. 446, SECTION 9, eff May 7, 1990.

Effect of Amendment

The 1990 amendment in subsection (a), item (1), inserted "or another federal agency" and substituted "and" for "or" at the end; deleted the provisions of former items (2) and (3), and renumbered former item (4) as item (2).