South Carolina § 33-14-101 Dissolution by incorporators or initial directors.

South Carolina Statutes

§ 33-14-101 — Dissolution by incorporators or initial directors.

South Carolina § 33-14-101

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 14DISSOLUTION

This text of South Carolina § 33-14-101 (Dissolution by incorporators or initial directors.) 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. § 33-14-101 (2026).

Text

The board of directors or, if the corporation has no directors, a majority of the incorporators of a corporation that has not issued shares or has not commenced business may dissolve the corporation by delivering to the Secretary of State for filing articles of dissolution that set forth:

(1)the name of the corporation;

(2)the date of its incorporation;

(3)either (i) that none of the corporation's shares has been issued or (ii) that the corporation has not commenced business;

(4)that no debt of the corporation remains unpaid;

(5)that the net assets of the corporation remaining after winding up have been distributed to the shareholders, if shares were issued; and (6) that a majority of the incorporators or initial directors authorized the dissolution.

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The board of directors or, if the corporation has no directors, a majority of the incorporators of a corporation that has not issued shares or has not commenced business may dissolve the corporation by delivering to the Secretary of State for filing articles of dissolution that set forth: (1) the name of the corporation; (2) the date of its incorporation; (3) either (i) that none of the corporation's shares has been issued or (ii) that the corporation has not commenced business; (4) that no debt of the corporation remains unpaid; (5) that the net assets of the corporation remaining after winding up have been distributed to the shareholders, if shares were issued; and (6) that a majority of the incorporators or initial directors authorized the dissolution.

Legislative History

HISTORY: Derived from 1976 Code SECTION 33-21-10 [1962 Code SECTION 12-22.1; 1962 (52) 1996; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 444, SECTION 4(1)]; 1988 Act No. 444, SECTION 2.