South Carolina Statutes
§ 33-8-330 — Liability for unlawful distributions.
(a)A director who votes for or assents to a distribution made in violation of Section 33-6-400 or the articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating Section 33-6-400 or the articles of incorporation if it is established that he did not perform his duties in compliance with Section 33-8-300. In any proceeding commenced under this section, a director has all of the defenses ordinarily available to a director.
(b)A director held liable under subsection (a) for an unlawful distribution is entitled to contribution:
(1)from every other director who could be held liable under subsection (a) for the unlawful distribution; and (2) from each shareholder for the amount the sharehol
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Legislative History
HISTORY: Derived from 1976 Code SECTION 33-13-190 [1962 Code SECTION 12-18.19; 1962 (52) 1996; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 444, SECTION 2]; 1988 Act No. 444, SECTION 2. ARTICLE 4 Officers
Nearby Sections
15
§ 33-8-102
Qualifications of directors.§ 33-8-103
Number and election of directors.§ 33-8-105
Terms of directors generally.§ 33-8-106
Staggered terms for directors.§ 33-8-107
Resignation of directors.§ 33-8-108
Removal of directors by shareholders.§ 33-8-110
Vacancy on board.§ 33-8-111
Compensation of directors.§ 33-8-200
Meetings.§ 33-8-210
Action without meeting.§ 33-8-220
Notice of meeting.§ 33-8-230
Waiver of notice.