South Carolina Statutes
§ 33-12-101 — Sale of assets in regular course of business; mortgage or transfer of assets; approval of shareholders.
(a)A corporation, on the terms and conditions and for the consideration determined by the board of directors, may:
(1)sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property in the usual and regular course of business; or (2) mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), or otherwise encumber all, or substantially all, of its property whether or not in the usual and regular course of business.
(b)A public corporation, on the terms and conditions and for the consideration determined by the board of directors, may transfer any or all of its property to a corporation, all the shares of which are owned by the public corporation.
(c)Unless the articles of incorporation require it, approval by the shareholder
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 33-12-101 (Sale of assets in regular course of business; mortgage or transfer of assets; approval of shareholders.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Derived from 1976 Code SECTION 33-19-20 [1962 Code SECTION 12-12.2; 1952 Code SECTION 12-631; 1942 Code SECTION 7705; 1932 Code SECTION 7705; 1926 (34) 1052; 1962 (52) 1996; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 444, SECTION 2], and SECTION 33-19-40 [1962 Code SECTION 12-21.4; 1962 (52) 1996; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 444, SECTION 2]; 1988 Act No. 444, SECTION 2; 1998 Act No. 328, SECTION 7.