South Carolina § 35-2-224 Applicability to foreign corporations.

South Carolina Statutes

§ 35-2-224 — Applicability to foreign corporations.

South Carolina § 35-2-224

Title 35SECURITIES

Ch. 2CONTROL SHARE ACQUISITIONS; BUSINESS COMBINATIONS

This text of South Carolina § 35-2-224 (Applicability to foreign corporations.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 35-2-224 (2026).

Text

(a)The provisions of this article also apply to a foreign corporation incorporated in any state other than South Carolina that has:

(1)a class of voting shares registered with the Securities and Exchange Commission or another federal agency under Section 12 of the 1934 Exchange Act; and (2) its principal place of business, its principal office, or more than forty percent of its assets within South Carolina; and either:

(A)more than ten percent of its shareholders resident in South Carolina;

(B)more than ten percent of its shares owned by South Carolina residents; or (C) ten thousand shareholders resident in South Carolina.

(b)The residence of a shareholder is presumed to be the address appearing in the records of the corporation.

(c)Shares held by banks (except as trustee or guardian

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(a) The provisions of this article also apply to a foreign corporation incorporated in any state other than South Carolina that has: (1) a class of voting shares registered with the Securities and Exchange Commission or another federal agency under Section 12 of the 1934 Exchange Act; and (2) its principal place of business, its principal office, or more than forty percent of its assets within South Carolina; and either: (A) more than ten percent of its shareholders resident in South Carolina; (B) more than ten percent of its shares owned by South Carolina residents; or (C) ten thousand shareholders resident in South Carolina. (b) The residence of a shareholder is presumed to be the address appearing in the records of the corporation. (c) Shares held by banks (except as trustee or guardian), brokers, or nominees must be disregarded for purposes of calculating the percentages or numbers described in this section.

Legislative History

HISTORY: 1988 Act No. 444, SECTION 5, eff April 22, 1988; 1990 Act No. 446, SECTION 11, eff May 7, 1990. Effect of Amendment The 1990 amendment, in subsection (a), item (1), inserted "or another federal agency" and substituted "and" for "or" at the end; the provisions of former items (2) and (3) were deleted, and former item (4) was renumbered item (2).