South Carolina Statutes
§ 38-14-100 — Declaration and payment of dividends.
The SPRV may not declare or pay dividends in any form to its owners unless the dividends do not decrease the capital of the SPRV below five thousand dollars and, after giving effect to the dividends, the assets of the SPRV, including assets held in trust pursuant to the terms of the insurance securitization, must be sufficient to meet its obligations. The dividends may be declared by the board of directors of the SPRV if the dividends would not violate the provisions of this chapter or jeopardize the fulfillment of the obligations of the SPRV or the trustee pursuant to the SPRV insurance securitization, the SPRV contract, or any related transaction. The provisions of Chapter 21 pertaining to dividends do not apply to such dividends.
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South Carolina § 38-14-100 (Declaration and payment of dividends.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2002 Act No. 259, SECTION 1, eff May 20, 2002.
Nearby Sections
15
§ 38-14-10
Purpose of chapter.§ 38-14-100
Declaration and payment of dividends.§ 38-14-110
Records and filing requirements.§ 38-14-120
Election and removal of officers; loans.§ 38-14-140
Dissolution procedure.§ 38-14-150
Rehabilitation and liquidation.§ 38-14-170
Trust asset requirements; swap agreements.§ 38-14-180
Reinsurance credit.§ 38-14-20
Other sections applicable.§ 38-14-200
Promulgation of regulations.§ 38-14-30
Definitions.