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2009 SESSION
SB 884 Banking institutions; reclassification or conversion of shares of stock.
Introduced by: A. Donald McEachin | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Banking institutions; reclassification or conversion of shares. Authorizes a bank, savings institution, bank holding company, savings and loan holding company, or multiple or diversified savings and loan holding company organized as a stock corporation to reclassify or convert a portion of its issued and outstanding shares of common stock into a class or series of preferred stock for the purpose of ceasing to be, or avoiding the status of, an institution that is required to file periodic reports under provisions of the Securities Exchange Act of 1934, if authorized by its articles of incorporation and the reclassified or converted shares continue to be part of the equity capital of the corporation. Such a reclassification or conversion is exempt from appraisal rights provisions of the Stock Corporation Act if the institution's directors recommend the approval, the shareholders approve the amendment, all shares are reclassified or converted on the same terms, and articles of amendment are filed. HB 1964 is identical.
FULL TEXT
- 12/31/08 Senate: Prefiled and ordered printed; offered 01/14/09 090051273 pdf
- 01/19/09 Senate: Committee substitute printed 090150273-S1 pdf | impact statement
- 02/28/09 Senate: Bill text as passed Senate and House (SB884ER) pdf | impact statement
- 03/27/09 Governor: Acts of Assembly Chapter text (CHAP0253) pdf
HISTORY
- 12/31/08 Senate: Prefiled and ordered printed; offered 01/14/09 090051273
- 12/31/08 Senate: Referred to Committee on Commerce and Labor
- 01/19/09 Senate: Reported from Commerce and Labor with substitute (14-Y 0-N)
- 01/19/09 Senate: Committee substitute printed 090150273-S1
- 01/21/09 Senate: Constitutional reading dispensed (39-Y 0-N)
- 01/22/09 Senate: Read second time
- 01/22/09 Senate: Reading of substitute waived
- 01/22/09 Senate: Committee substitute agreed to 090150273-S1
- 01/22/09 Senate: Engrossed by Senate - committee substitute SB884S1
- 01/23/09 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/02/09 House: Placed on Calendar
- 02/02/09 House: Read first time
- 02/02/09 House: Referred to Committee on Commerce and Labor
- 02/17/09 House: Reported from Commerce and Labor (20-Y 0-N)
- 02/19/09 House: Read second time
- 02/20/09 House: Passed by for the day
- 02/23/09 House: Passed by for the day
- 02/24/09 House: Read third time
- 02/24/09 House: Passed House BLOCK VOTE (99-Y 0-N)
- 02/24/09 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/28/09 Senate: Enrolled
- 02/28/09 Senate: Bill text as passed Senate and House (SB884ER)
- 02/28/09 Senate: Signed by President
- 02/28/09 House: Signed by Speaker
- 03/27/09 Governor: Approved by Governor-Chapter 253 (effective 7/1/09)
- 03/27/09 Governor: Acts of Assembly Chapter text (CHAP0253)