South Carolina Statutes
§ 33-37-640 — Liability for losses.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 37 BUSINESS DEVELOPMENT CORPORATIONS
Directors and officers are not responsible for losses unless the losses have been occasioned by the wilful misconduct of those directors and officers.
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Legislative History
HISTORY: 1962 Code SECTION 12-1164; 1958 (50) 1886; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015. Effect of Amendment 2015 Act No. 60, SECTION 1, substituted "are not responsible" for "shall not be responsible" and "those directors" for "such directors". ARTICLE 9 Application of General Corporation Law
Nearby Sections
15
§ 33-37-10
Definitions.§ 33-37-1010
Definitions.§ 33-37-1020
Establishment of program; loan loss reserve.§ 33-37-1090
Audits and annual reports.§ 33-37-1100
Dissolution of loss reserve fund.§ 33-37-20
Deposit of funds.§ 33-37-210
Filing declaration of charter; contents.