As used in this article, "control shares" means shares that, except for this article, would have voting power with respect to shares of an issuing public corporation that, when added to all other shares of the issuing public corporation owned by a person or in respect to which that person may exercise or direct the exercise of voting power would entitle that person, immediately after acquisition of the shares (directly or indirectly, alone or as a part of a group), to exercise or direct the exercise of the voting power of the issuing public corporation in the election of directors within any of the following ranges of voting power:

1. (1) one-fifth or more but less than one-third of all voting power;
2. (2) one-third or more but less than a majority of all voting power;
3. (3) a majority or more of all voting power.

HISTORY: 1988 Act No. 444, Section 5, eff April 22, 1988.

Editor's Note

1988 Act No. 444 Sections 1, 6 and 9 provide as follows:

"Section 1. Whenever 'this act' appears in Section 2 of this act it means Chapters 1 through 20 of Title 33 of the 1976 Code, and these chapters may be cited as the 'South Carolina Business Corporation Act of 1988'."

"Section 6. For purposes of this act, when the terms 'effective date of this chapter' or 'effective date of this article' or similar derivations thereof are used in Chapter 2, Title 35 of the 1976 Code, as contained in Section 5 of this act, these terms must be construed to mean the effective date of the amendments to Chapter 2 of Title 35 as contained in this act.'"

"Section 9. If any provision of this act or its application to any person or circumstance is held invalid by a court of competent jurisdiction, the invalidity does not affect other provisions or applications of the act that can be given effect without the invalid provision or application and, to this end, the provisions of the act are severable."