South Carolina Statutes
§ 33-36-1050 — Winding up and settling affairs.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 36 CORPORATIONS NOT-FOR-PROFIT FINANCED BY FEDERAL OR STATE LOANS
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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South Carolina § 33-36-1050 (Winding up and settling affairs.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2000 Act No. 404, SECTION 2.
Nearby Sections
15
§ 33-36-10
"Corporation not-for-profit" defined.§ 33-36-1050
Winding up and settling affairs.§ 33-36-1060
Notice of winding up proceedings.§ 33-36-1070
Articles of dissolution.§ 33-36-1320
Petition for charter.§ 33-36-1330
Appointment or election of board members.§ 33-36-1340
Election of commissioners.§ 33-36-1350
Election of officers by the board.