South Carolina Statutes
§ 31-1-640 — Surplus; maximum payments on dissolution.
The amounts of net earnings transferable to surplus in any year after making or providing for the payments specified in Section 31-1-620 shall be subject to the approval of the director. The amount of such surplus shall not exceed fifteen percent of the outstanding capital stock and income debentures of the corporation, but the surplus so limited shall not be deemed to include any increase in assets due to the reduction of a mortgage or amortization or similar payments. On dissolution of any limited dividend housing corporation the stockholders and income debenture certificate holders shall in no event receive more than the par value of their stock and debentures plus accumulated, accrued and unpaid dividends or interest and any remaining surplus shall be paid into the general fund of the
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South Carolina § 31-1-640 (Surplus; maximum payments on dissolution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 36-54; 1952 Code SECTION 36-54; 1942 Code SECTION 5271-24; 1933 (38) 176; 1993 Act No. 181, SECTION 501.
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.