South Carolina Statutes
§ 33-31-622 — Purchase of memberships.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 31 SOUTH CAROLINA NONPROFIT CORPORATION ACT
(a)A public benefit or religious corporation may not purchase any of its memberships or any right arising therefrom.
(b)A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by its articles or bylaws. No payment shall be made in violation of Article 13.
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South Carolina § 33-31-622 (Purchase of memberships.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1994 Act No. 384, SECTION 1. Subarticle D Derivative Suits
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.