South Carolina § 33-31-1706 Public Benefit, Mutual Benefit, and Religious Corporations.

South Carolina Statutes

§ 33-31-1706 — Public Benefit, Mutual Benefit, and Religious Corporations.

South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 31 SOUTH CAROLINA NONPROFIT CORPORATION ACT

(a)On the effective date of this chapter, each domestic corporation that is or becomes subject to this chapter shall be designated as a public benefit, mutual benefit, or religious corporation as follows:

(1)any corporation designated by statute as a public benefit corporation, a mutual benefit corporation, or a religious corporation is the type of corporation designated by statute;

(2)any corporation that does not come within subsection (1) but is organized primarily or exclusively for religious purposes is a religious corporation;

(3)any corporation that does not come within subsection (1) or (2) but that is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor provision, is a public benefit corporation;

(4)any corporation that does not come wit

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(a) On the effective date of this chapter, each domestic corporation that is or becomes subject to this chapter shall be designated as a public benefit, mutual benefit, or religious corporation as follows: (1) any corporation designated by statute as a public benefit corporation, a mutual benefit corporation, or a religious corporation is the type of corporation designated by statute; (2) any corporation that does not come within subsection (1) but is organized primarily or exclusively for religious purposes is a religious corporation; (3) any corporation that does not come within subsection (1) or (2) but that is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor provision, is a public benefit corporation; (4) any corporation that does not come within subsection (1), (2) or (3), but that is organized for a public or charitable purpose and that upon dissolution must distribute its assets to a public benefit corporation, the United States, a state, or a person that is recognized as exempt under section 501(c)(3) of the Internal Revenue Code or any successor provision, is a public benefit corporation; and (5) any corporation that does not come within subsection (1), (2), (3), or (4) is a mutual benefit corporation. (b) In any filing with the Secretary of State, an existing corporation may elect designation as a public benefit, mutual benefit, or religious corporation.

South Carolina § 33-31-1706 (Public Benefit, Mutual Benefit, and Religious Corporations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.