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South Carolina Statutes, Title 33

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Title 33, Corporations, Partnerships and Associations

35 chapters · 1,028 sections in this title.

All chapters in Title 331,028 Ch 31, Title 33, Chapter 31186 Ch 44, Title 33, Chapter 4494 Ch 42, Title 33, Chapter 4273 Ch 49, Title 33, Chapter 4970 Ch 41, Title 33, Chapter 4162 Ch 46, Title 33, Chapter 4652 Ch 47, Title 33, Chapter 4747 Ch 36, Title 33, Chapter 3645 Ch 37, Title 33, Chapter 3737 Ch 8, Title 33, Chapter 835 Ch 19, Title 33, Chapter 1935 Ch 18, Title 33, Chapter 1826 Ch 39, Title 33, Chapter 3924 Ch 56, Title 33, Chapter 5624

1,028 sections·Filtered byTitle 33✕

S.C. Code Ann. § 33-37-1070 Disposition of earnings and interest on state fund account and loss reserve account
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Earnings or interest from the principal of the state fund account and the loss reserve account must be paid monthly to BDC. In the event the interest paid to the BDC amounts to less than fifty thousand dollars in any year, the difference between the amount paid from interest and …
S.C. Code Ann. § 33-37-1080 Discontinuance of participation by participating financial institution
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If a participating financial institution that elects to discontinue its participation in the CAP has funds on deposit in the loss reserve account, the funds must be forfeited by the institution to the state fund and used in the CAP as loss reserves as provided in this article.
S.C. Code Ann. § 33-37-1090 Audits and annual reports
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An independent certified public accountant, as elected annually by the Board of Directors of the BDC, shall conduct an annual certified audit of its management, administration, and recordkeeping in connection with the CAP and provide the audit to the South Carolina Board of Finan…
S.C. Code Ann. § 33-37-1100 Dissolution of loss reserve fund
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If a loan is not made by participating financial institutions for three consecutive years and the General Assembly does not appropriate additional funds for the program for those three consecutive years, BDC may pay over to the participating financial institutions their allocable…

S.C. Code Ann. § 33-37-20 Deposit of funds

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The corporation shall not deposit any of its funds in any banking institution unless the institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an office…

S.C. Code Ann. § 33-37-210 Filing declaration of charter; contents

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Twenty-five or more persons, a majority of whom shall be residents of this State, who may desire to create a business development corporation under the provisions of this chapter for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the St…

S.C. Code Ann. § 33-37-220 Additional contents of declaration of charter

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The declaration of charter shall state: (a) the amount of total authorized capital stock and the number of shares in which it is divided; (b) the par value of each share; (c) the amount of capital stock with which the corporation will commence business; (d) if there is more than …

S.C. Code Ann. § 33-37-230 Charter shall be void unless business begun within three years

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If a corporation organized pursuant to this chapter shall fail to begin business within three years from the effective date of its charter, then the charter shall become null and void.

S.C. Code Ann. § 33-37-240 Calling first meeting; organization; quorum

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The first meeting of the corporation must be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of the notice must be mailed or delivered to each incorporator at least five days before the day appointed for…

S.C. Code Ann. § 33-37-250 Powers

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In furtherance of the purposes for which the corporation is founded and in addition to the powers conferred on business corporations by this title, the corporation, subject to the restrictions and limitations contained in this chapter, may: (1) elect, appoint, and employ officers…

S.C. Code Ann. § 33-37-260 Amendment of charter

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The charter may be amended by the votes of the stockholders and the members of the corporation voting separately by classes. The amendments require approval by the affirmative vote of two-thirds of the votes to which the stockholders are entitled and two-thirds of the votes to wh…

S.C. Code Ann. § 33-37-270 Approval by Secretary of State and filing of articles of amendment

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Within thirty days after any meeting at which an amendment of the charter has been adopted, articles of amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting forth the amendment and the due adoption of the amendment, must be submitted…

S.C. Code Ann. § 33-37-280 Subsidiary business entities

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In addition to the powers conferred on the corporation by Section 33-37-250, the corporation may organize and incorporate or create pursuant to this title one or more subsidiary business entities as the board of directors may direct, and these entities shall have all those powers…

S.C. Code Ann. § 33-37-410 Who may become members, stockholders or bondholders

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In addition to other persons and notwithstanding any provision of general or special law or any provision in their respective charters, agreements of association, articles of organization, or trust indentures: (1) All domestic corporations organized for the purpose of carrying on…

S.C. Code Ann. § 33-37-420 Application for membership

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Any financial institution may request membership in the corporation by making application to the board of directors on that form and in that manner as the board of directors may require, and the membership becomes effective upon acceptance of the application by the board.

S.C. Code Ann. § 33-37-430 Duration of membership; withdrawal

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Membership in the corporation must be for the duration of the corporation; provided, that upon written notice given to the corporation three years in advance a member may withdraw from membership in the corporation at the expiration date of the notice.

S.C. Code Ann. § 33-37-440 Powers of stockholders and members

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The stockholders and the members of the corporation shall have the following powers of the corporation: (1) to elect directors; (2) to make, amend, and repeal bylaws; (3) to amend the charter; and (4) to exercise those powers of the corporation as may be conferred on the stockhol…

S.C. Code Ann. § 33-37-450 Voting by stockholders and members

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(A) As to all matters requiring action by the members and the stockholders of the corporation, the members and the holders of each class of stock, of which there are then shares authorized and outstanding for which votes are entitled to be cast, shall vote separately on the matte…

S.C. Code Ann. § 33-37-460 Loans to corporation by members

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Each member of the corporation must make loans to the corporation when called upon pursuant to a written loan call agreement approved by the board of directors of the corporation and entered into between the corporation and all members. The loan call agreement must describe the m…

S.C. Code Ann. § 33-37-465 Short-term loans to corporation by members

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A member may make short-term loans to the corporation independently of the loan calls made pursuant to Section 33-37-460. These short-term loans are not subject to the limitations and restrictions described in Section 33-37-460. When the purpose of the short-term loan is to provi…

S.C. Code Ann. § 33-37-470 Authorization for issuance of new classes of stock

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The board of directors have the power to issue shares of capital stock of the corporation in the classes, series, and denominations set forth in the charter of the corporation, to the same extent and subject to the same restrictions as are otherwise applicable to business corpora…

S.C. Code Ann. § 33-37-50 Offices

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The corporation may have offices in those places within or outside of the State, other than the location of the principal office as set forth in the declaration of charter as required in Section 33-37-210, as may be fixed by the board of directors.

S.C. Code Ann. § 33-37-60 Credit of State is not pledged

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Under no circumstances is the credit of the State pledged in this chapter.

S.C. Code Ann. § 33-37-610 Management of corporation

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The business and affairs of the corporation must be managed and conducted by a board of directors, a president and treasurer and those other officers and agents as the corporation by its bylaws shall authorize.

S.C. Code Ann. § 33-37-620 Board of directors; membership; powers

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The board of directors shall consist of such number, not more than twenty-one, as must be determined in the first instance by the incorporators and thereafter annually by the members and the stockholders of the corporation. The board of directors may exercise all the powers of th…

S.C. Code Ann. § 33-37-630 Election of directors; vacancies

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The board of directors must be elected in the first instance by the incorporators and after that time at each annual meeting of the corporation or, if no annual meeting is held in any year, at the time fixed by the bylaws, at a special meeting held in lieu of the annual meeting. …

S.C. Code Ann. § 33-37-640 Liability for losses

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Directors and officers are not responsible for losses unless the losses have been occasioned by the wilful misconduct of those directors and officers.

S.C. Code Ann. § 33-37-70 Corporation, its subsidiary, and securities issued thereby exempt from taxes and fees

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The corporation and its subsidiary corporation are not subject to taxes based upon or measured by income which are levied now or later by the State. The securities, evidences of indebtedness, and shares of the capital stock issued by the corporation and its subsidiary corporation…

S.C. Code Ann. § 33-37-80 Tax credit for nondeductible losses arising from sale or other disposition of securities of corporation

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Any stockholder, member, or other holder of any securities, evidences of indebtedness, or shares of the capital stock of the corporation or any of its subsidiaries who realizes a loss from the sale, redemption or other disposition of any securities, evidences of indebtedness, or …

S.C. Code Ann. § 33-37-910 Applicability of the Business Corporation Act

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Chapters 1 through 20 of this title apply to every corporation organized pursuant to this chapter, except as otherwise provided in Chapters 1 through 20 of this title or by this chapter. If there is a conflict between the provisions of Chapters 1 through 20 of this title and Chap…

S.C. Code Ann. § 33-38-110 Short title

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This chapter may be referred to and cited as the "South Carolina Benefit Corporation Act".

S.C. Code Ann. § 33-38-120 Application of chapter; exemptions

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(A) This chapter applies to all benefit corporations. (B) The provisions contained in Chapters 1-19 of this title apply to benefit corporations except where those provisions conflict with provisions contained in this chapter, in which case the provisions contained in this chapter…

S.C. Code Ann. § 33-38-130 Definitions

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(A) The following definitions apply to this chapter: (1) "Benefit corporation" means a domestic corporation that has elected to become subject to this chapter and that has not terminated its status as a benefit corporation pursuant to Section 33-38-220. (2) "Benefit director" mea…

S.C. Code Ann. § 33-38-140 No entitlement to property tax exemptions

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A benefit corporation is not entitled to claim an exemption from any property tax imposed by law.

S.C. Code Ann. § 33-38-200 Incorporation as a benefit corporation

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A domestic corporation, including a domestic corporation incorporated upon a conversion, may be incorporated as a benefit corporation by including in its original articles of incorporation a provision stating that the corporation is a benefit corporation governed by this chapter.…

S.C. Code Ann. § 33-38-210 Effective date for incorporation as a benefit corporation; merger when surviving corporation is a benefit corporation

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(A) An existing domestic corporation shall become a benefit corporation on the effective date of the amendment to its articles of incorporation to include a provision providing that the corporation is a benefit corporation governed by this chapter. As amended, the articles of inc…

S.C. Code Ann. § 33-38-220 Termination of status as benefit corporation

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(A) A benefit corporation may terminate its status and cease to be subject to this chapter by amending its articles of incorporation to remove the provision that the corporation is a benefit corporation governed by this chapter. The amendment must be approved in the manner requir…

S.C. Code Ann. § 33-38-230 Approval of corporate matters

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In addition to any other requirements of applicable law, where specified in this chapter that approval of a matter must be in the manner required by this section, the following requirements apply: (1) With respect to a corporation, including a benefit corporation, the matter must…

S.C. Code Ann. § 33-38-300 Corporate purposes for benefit corporations

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(A) In addition to corporate purposes provided in Section 33-3-101, a benefit corporation shall have as one of its corporate purposes the creation of a general public benefit. (B) A benefit corporation may include as a corporate purpose in its articles of incorporation one or mor…

S.C. Code Ann. § 33-38-400 Accountability for benefit corporation

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(A) In discharging the duties of their respective positions and in considering the best interests of the benefit corporation, the board of directors, committees of the board of directors, and individual directors of a benefit corporation, shall consider the effects of any action …

S.C. Code Ann. § 33-38-410 Powers and duties of benefit director

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(A) The board of directors of a benefit corporation shall designate one director who is an independent person to be the benefit director. The benefit director, in addition to the powers, duties, rights, and immunities of the other directors of the benefit corporation, shall have …

S.C. Code Ann. § 33-38-420 Officer liability for benefit corporation

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(A) Each officer of a benefit corporation shall consider the interests and factors described in Section 33-38-400 in the manner provided in that section if: (1) the officer has discretion to act with respect to a matter; and (2) it reasonably appears to the officer that the matte…

S.C. Code Ann. § 33-38-430 Duties of benefit officer

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(A) A benefit corporation may have an officer designated as the benefit officer. (B) The duties of the benefit officer include the following: (1) monitoring the benefit corporation's pursuit of the general and any specific public benefits purpose of the benefit corporation and th…

S.C. Code Ann. § 33-38-440 Benefit enforcement proceedings

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(A) The duties of directors under this chapter may be enforced only in a benefit enforcement proceeding. A person may not bring an action or assert a claim against a benefit corporation or its directors or officers with respect to: (1) failure to pursue or create general public b…

S.C. Code Ann. § 33-38-500 Annual benefit report

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(A) A benefit corporation shall prepare an annual benefit report that includes all of the following: (1) a narrative description: (a) the manner in which the benefit corporation has pursued its general public benefit purposes during the year and the extent to which a general publ…

S.C. Code Ann. § 33-38-600 Shareholder dissent and payment for shares

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In addition to any other rights granted by law, a shareholder is entitled to dissent from and obtain payment of the fair value of his shares in the event of the consummation of a designation of a corporation as a benefit corporation pursuant to Section 33-38-210(A).

S.C. Code Ann. § 33-39-10 Definitions

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As used in this chapter the following words and phrases, unless differently defined or described, shall have meanings and references as follows: (1) "Corporation" means a county business development corporation created under this chapter; (2) "Financial institution" means any ban…

S.C. Code Ann. § 33-39-20 Deposit of funds

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The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an offic…

S.C. Code Ann. § 33-39-210 Filing declaration of charter; contents

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Ten or more persons, a majority of whom shall be residents of the same county of the State, who may desire to create a business development corporation under the provisions of this chapter for the purpose of promoting, developing and advancing the prosperity and economic welfare …

S.C. Code Ann. § 33-39-220 Additional contents of declaration of charter

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The declaration of charter shall set forth (a) the amount of total authorized capital stock and the number of shares in which it is divided, (b) the par value of each share, (c) the amount of capital stock with which the corporation will commence business, (d) if there is more th…