South Carolina § 33-38-220 Termination of status as benefit corporation.

South Carolina Statutes

§ 33-38-220 — Termination of status as benefit corporation.

South Carolina § 33-38-220

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 38SOUTH CAROLINA BENEFIT CORPORATION ACT

This text of South Carolina § 33-38-220 (Termination of status as benefit corporation.) 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. § 33-38-220 (2026).

Text

(A)A benefit corporation may terminate its status and cease to be subject to this chapter by amending its articles of incorporation to remove the provision that the corporation is a benefit corporation governed by this chapter. The amendment must be approved in the manner required by Section 33-38-230. Any sale, lease, exchange, or other disposition of all, or substantially all, of the property of a benefit corporation, unless the transaction is in the usual and regular course of business, shall not be effective unless it is approved in the manner required by Section 33-38-230.

(B)If a plan of merger, conversion, or share exchange would have the effect of terminating the status of a benefit corporation as a benefit corporation, the plan must be approved in the manner required by Section

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(A) A benefit corporation may terminate its status and cease to be subject to this chapter by amending its articles of incorporation to remove the provision that the corporation is a benefit corporation governed by this chapter. The amendment must be approved in the manner required by Section 33-38-230. Any sale, lease, exchange, or other disposition of all, or substantially all, of the property of a benefit corporation, unless the transaction is in the usual and regular course of business, shall not be effective unless it is approved in the manner required by Section 33-38-230. (B) If a plan of merger, conversion, or share exchange would have the effect of terminating the status of a benefit corporation as a benefit corporation, the plan must be approved in the manner required by Section 33-38-230.

Legislative History

HISTORY: 2012 Act No. 277, SECTION 1, eff June 14, 2012. Code Commissioner's Note At the direction of the Code Commissioner, the reference in subsection (A) to "Section 33-38-20" was changed to "Section 33-38-230" to correct a typographical error.