South Carolina § 33-36-1050 Winding up and settling affairs.

South Carolina Statutes

§ 33-36-1050 — Winding up and settling affairs.

South Carolina § 33-36-1050

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 36CORPORATIONS NOT-FOR-PROFIT FINANCED BY FEDERAL OR STATE LOANS

This text of South Carolina § 33-36-1050 (Winding up and settling affairs.) 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. § 33-36-1050 (2026).

Text

The board has full power to wind up and settle the affairs of the corporation not-for-profit. It shall collect the debts owing to the corporation, sell and dispose of its property and assets, and pay, satisfy, and discharge its debts, obligations, and liabilities. After paying or adequately providing for the payment of all debts, obligations, and liabilities, the board shall dispose of the residual assets in accordance with the requirements of Section 501(c)(12) of the United States Internal Revenue Code of 1986.

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The board has full power to wind up and settle the affairs of the corporation not-for-profit. It shall collect the debts owing to the corporation, sell and dispose of its property and assets, and pay, satisfy, and discharge its debts, obligations, and liabilities. After paying or adequately providing for the payment of all debts, obligations, and liabilities, the board shall dispose of the residual assets in accordance with the requirements of Section 501(c)(12) of the United States Internal Revenue Code of 1986.