South Carolina Statutes
§ 33-31-842 — Standards of conduct for officers.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 31 SOUTH CAROLINA NONPROFIT CORPORATION ACT
(a)An officer with discretionary authority shall discharge his duties under that authority:
(1)in good faith;
(2)with the care an ordinarily prudent person in a like position would exercise under similar circumstances; and (3) in a manner the officer reasonably believes to be in the best interests of the corporation, and its members, if any.
(b)In discharging his duties, an officer is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:
(1)one or more officers or employees of the corporation who the officer reasonably believes to be reliable and competent in the matters presented;
(2)legal counsel, public accountants, or other persons as to matters the officer reasonably believes are w
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South Carolina § 33-31-842 (Standards of conduct for officers.) — 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.