South Carolina § 33-37-240 Calling first meeting; organization; quorum.

South Carolina Statutes

§ 33-37-240 — Calling first meeting; organization; quorum.

South Carolina § 33-37-240

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 37BUSINESS DEVELOPMENT CORPORATIONS

This text of South Carolina § 33-37-240 (Calling first meeting; organization; quorum.) 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. § 33-37-240 (2026).

Text

The first meeting of the corporation must be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of the notice must be mailed or delivered to each incorporator at least five days before the day appointed for the meeting. The first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators. There must be recorded in the minutes of the meeting a copy of the notice or the unanimous agreement of the incorporators. At the first meeting the incorporators shall organize by choosing by ballot a temporary clerk, by the adoption of bylaws, by the election by ballot of directors, and by action upon those other matters within the powers of the corporation as the incorporators 

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The first meeting of the corporation must be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of the notice must be mailed or delivered to each incorporator at least five days before the day appointed for the meeting. The first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators. There must be recorded in the minutes of the meeting a copy of the notice or the unanimous agreement of the incorporators. At the first meeting the incorporators shall organize by choosing by ballot a temporary clerk, by the adoption of bylaws, by the election by ballot of directors, and by action upon those other matters within the powers of the corporation as the incorporators may see fit. The temporary clerk must be sworn and shall make and attest a record of the proceedings. Ten of the incorporators shall be a quorum for the transaction of business.

Legislative History

HISTORY: 1962 Code SECTION 12-1124; 1958 (50) 1886; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015. Effect of Amendment 2015 Act No. 60, SECTION 1, in the first paragraph, substituted "must be called" for "shall be called", inserted a comma following "place", substituted "copy of which notice shall be" for "copy of the notice must be", substituted "There must be recorded" for "There shall be recorded", and substituted "or the unanimous agreement" for "or of such unanimous agreement"; in the second paragraph, substituted "At the first meeting" for "At such first meeting", substituted "organize by choosing by ballot" for "organize by the choice by ballot of", inserted a comma following "directors", substituted "upon those other matters" for "upon such other matters", and substituted "clerk must be sworn" for "clerk shall be sworn".