South Carolina Statutes
§ 33-31-1201 — Sale of assets in regular course of activities and mortgage of assets.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 31 SOUTH CAROLINA NONPROFIT CORPORATION ACT
(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 its activities; or (2) mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of its property whether or not in the usual and regular course of its activities.
(b)Unless the articles require it, approval of the members or any other person of a transaction described in subsection (a) is not required.
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South Carolina § 33-31-1201 (Sale of assets in regular course of activities and mortgage of assets.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1994 Act No. 384, SECTION 1.
Nearby Sections
15
§ 33-31-1001
Authority to amend articles of incorporation.§ 33-31-1002
Amendment of articles by directors.§ 33-31-1003
Amendment of articles by directors and members.§ 33-31-1004
Class voting by members on amendments.§ 33-31-1005
Articles of amendment.§ 33-31-1006
Restated articles of incorporation.§ 33-31-1007
Amendment pursuant to judicial reorganization.§ 33-31-1008
Effect of amendment and restatement.§ 33-31-101
Short title.§ 33-31-102
Reservation of power to amend or repeal.§ 33-31-1020
Amendment of bylaws by directors.§ 33-31-1022
Class voting on bylaw amendment by members.