South Carolina Statutes
§ 33-11-114 — When conversion takes effect.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 11 MERGER AND SHARE EXCHANGE
(a)A corporation that is converted to a partnership or limited partnership is for all purposes the same entity that existed before the conversion.
(b)When a conversion takes effect:
(1)all property owned by the converting corporation vests in the partnership or limited partnership;
(2)all debts, liabilities, and other obligations of the converting corporation continue as obligations of the partnership or limited partnership;
(3)an action or proceeding pending by or against the converting corporation may be continued as if the conversion has not occurred;
(4)except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of the converting corporation vest in the partnership or limited partnership; and (5) except as otherwise provided in the agreement
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South Carolina § 33-11-114 (When conversion takes effect.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2004 Act No. 221, SECTION 4.
Nearby Sections
15
§ 33-11-101
Merger.§ 33-11-102
Share exchange.§ 33-11-103
Action on plan.§ 33-11-104
Merger of subsidiary.§ 33-11-105
Articles of merger or share exchange.§ 33-11-106
Effect of merger or share exchange.§ 33-11-108
Merger of parent into subsidiary.§ 33-11-114
When conversion takes effect.§ 33-11-115
Conversion under other law.