South Carolina § 33-31-1201 Sale of assets in regular course of activities and mortgage of assets.

South Carolina Statutes

§ 33-31-1201 — Sale of assets in regular course of activities and mortgage of assets.

South Carolina § 33-31-1201

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 31SOUTH CAROLINA NONPROFIT CORPORATION ACT

This text of South Carolina § 33-31-1201 (Sale of assets in regular course of activities and mortgage of assets.) 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. § 33-31-1201 (2026).

Text

(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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(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.