South Carolina Statutes
§ 31-1-160 — Consideration for issuance of stocks, bonds, and income debentures.
No limited dividend housing company incorporated under this chapter shall issue stock, bonds or income debentures, except for money, services or property actually received for the use and lawful purposes of the corporation. No stock, bonds or income debentures shall be issued for property or services except upon a valuation approved by the director and such valuation shall be used in computing actual or estimated cost. The director may permit stock or income debentures to be issued for working capital to be used in connection with such project to any amount not exceeding three percent of the estimated total cost or three percent of the actual cost, if actual cost should exceed estimated cost, of a project.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 31-1-160 (Consideration for issuance of stocks, bonds, and income debentures.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 36-16; 1952 Code SECTION 36-16; 1942 Code SECTION 5271-20; 1933 (38) 176; 1993 Act No. 181, SECTION 494.
Nearby Sections
15
§ 31-1-10
Short title.§ 31-1-130
Par value shares.§ 31-1-140
Declaration required in articles.§ 31-1-150
Income debentures.§ 31-1-170
Limited return on stock.§ 31-1-180
Limitations on actions by companies.§ 31-1-20
Declaration of legislative finding.§ 31-1-220
Fees.