South Carolina § 33-36-20 Issuance of stock; compensation of members and officers; disposition of assets upon dissolution.

South Carolina Statutes

§ 33-36-20 — Issuance of stock; compensation of members and officers; disposition of assets upon dissolution.

South Carolina § 33-36-20

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

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

This text of South Carolina § 33-36-20 (Issuance of stock; compensation of members and officers; disposition of assets upon dissolution.) 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. § 33-36-20 (2026).

Text

A corporation incorporated pursuant to this chapter may not own or issue shares of stock representing ownership interests in the corporation itself. A corporation incorporated pursuant to this chapter may pay compensation in a reasonable amount to its members, board members, and officers for services rendered, and may confer benefits upon its members in conformity with its purposes. Upon dissolution or final liquidation of the corporation incorporated pursuant to this chapter, the residual assets must be disposed of in the manner required for organizations exempt from federal income tax as described in Section 501(c)(12) of the Internal Revenue Code of 1986.

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A corporation incorporated pursuant to this chapter may not own or issue shares of stock representing ownership interests in the corporation itself. A corporation incorporated pursuant to this chapter may pay compensation in a reasonable amount to its members, board members, and officers for services rendered, and may confer benefits upon its members in conformity with its purposes. Upon dissolution or final liquidation of the corporation incorporated pursuant to this chapter, the residual assets must be disposed of in the manner required for organizations exempt from federal income tax as described in Section 501(c)(12) of the Internal Revenue Code of 1986.