South Carolina Statutes
§ 33-19-270 — Cancellation of disqualified shares.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 19 PROFESSIONAL CORPORATION SUPPLEMENT
If the shares of a disqualified person are not acquired under Section 33-19-240 or 33-19-250 within ten months after the death of the shareholder or within five months after the disqualification or transfer or, in the case of the exercise of the option to purchase the shares following termination of employment, pursuant to Section 33-19-231, the professional corporation shall cancel immediately the shares on its books and the disqualified or terminated person has no further interest as a shareholder in the corporation other than his right to payment of the fair value of the shares under Section 33-19-240 or 33-19-250.
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South Carolina § 33-19-270 (Cancellation of disqualified shares.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1988 Act No. 444, SECTION 2. ARTICLE 4 Governance
Nearby Sections
15
§ 33-19-101
Short title.§ 33-19-102
Application of South Carolina Business Corporation Act and Statutory Close Corporation Supplement.§ 33-19-103
Supplement definitions.§ 33-19-109
Election of professional corporation status.§ 33-19-110
Purposes.§ 33-19-120
General powers.§ 33-19-130
Rendering professional services.§ 33-19-140
Prohibited activities.§ 33-19-150
Corporate name.§ 33-19-200
Issuance of shares.§ 33-19-220
Share transfer restriction.