South Carolina § 39-3-20 Penalties for corporate violations of Section 39-3-10.

South Carolina Statutes

§ 39-3-20 — Penalties for corporate violations of Section 39-3-10.

South Carolina·Title 39 TRADE AND COMMERCE·Ch. 3 TRUSTS, MONOPOLIES, AND RESTRAINTS OF TRADE

Whenever complaint is made upon sufficient affidavit showing a prima facie case of violation of the provisions of Section 39-3-10 by any corporation, domestic or foreign, the Attorney General shall begin an action against such domestic corporation to forfeit its charter and for the purpose of such forfeiture he shall apply to any court of competent jurisdiction for an order restraining such offending corporation and, when in his discretion it is necessary, for the immediate appointment of a receiver for such offending corporation when such forfeiture affects a creditor of such offending company. If such violation shall be established the court shall adjudge the charter of such corporation to be forfeited and such corporation shall be dissolved and its charter shall cease and determine. In 

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Whenever complaint is made upon sufficient affidavit showing a prima facie case of violation of the provisions of Section 39-3-10 by any corporation, domestic or foreign, the Attorney General shall begin an action against such domestic corporation to forfeit its charter and for the purpose of such forfeiture he shall apply to any court of competent jurisdiction for an order restraining such offending corporation and, when in his discretion it is necessary, for the immediate appointment of a receiver for such offending corporation when such forfeiture affects a creditor of such offending company. If such violation shall be established the court shall adjudge the charter of such corporation to be forfeited and such corporation shall be dissolved and its charter shall cease and determine. In the case of such showing as to a foreign corporation an action shall be begun by the Attorney General in such court against such corporation to determine the truth of such charge and in case such charge shall be considered established the effect of the judgment of the court shall be to deny to such corporation the recognition of its corporate existence in any court of law or equity in this State. But nothing in this section shall be construed to affect any right of action then existing against such corporation.

South Carolina § 39-3-20 (Penalties for corporate violations of Section 39-3-10.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1962 Code SECTION 66-52; 1952 Code SECTION 66-52; 1942 Code SECTION 6621; 1932 Code SECTION 6621; Civ. C. '22 SECTION 3531; Civ. C. '12 SECTION 2438; Civ. C. '02 SECTION 2846; 1897 (22) 434; 1902 (23) 569.