South Carolina Statutes
§ 33-36-20 — Issuance of stock; compensation of members and officers; disposition of assets upon dissolution.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 36 CORPORATIONS NOT-FOR-PROFIT FINANCED BY FEDERAL OR STATE LOANS
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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South Carolina § 33-36-20 (Issuance of stock; compensation of members and officers; disposition of assets upon dissolution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2000 Act No. 404, SECTION 2. ARTICLE 2 Incorporation
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.