South Carolina Statutes
§ 33-38-420 — Officer liability for benefit corporation.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 38 SOUTH CAROLINA BENEFIT CORPORATION ACT
(A)Each officer of a benefit corporation shall consider the interests and factors described in Section 33-38-400 in the manner provided in that section if:
(1)the officer has discretion to act with respect to a matter; and (2) it reasonably appears to the officer that the matter may have a material effect on the creation by the benefit corporation of a general public benefit or a specific public benefit identified in the public benefit corporation's articles of incorporation.
(B)The consideration of interests and factors in the manner described in subsection (A) shall not constitute a violation of Section 33-8-420.
(C)An officer is not personally liable for monetary damages for:
(1)any act taken as an officer, or any omission to act as an officer, if the officer performed the duties o
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South Carolina § 33-38-420 (Officer liability for benefit corporation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2012 Act No. 277, SECTION 1, eff June 14, 2012.
Nearby Sections
15
§ 33-38-110
Short title.§ 33-38-120
Application of chapter; exemptions.§ 33-38-130
Definitions.§ 33-38-140
No entitlement to property tax exemptions.§ 33-38-200
Incorporation as a benefit corporation.§ 33-38-230
Approval of corporate matters.§ 33-38-300
Corporate purposes for benefit corporations.§ 33-38-400
Accountability for benefit corporation.§ 33-38-410
Powers and duties of benefit director.§ 33-38-420
Officer liability for benefit corporation.§ 33-38-430
Duties of benefit officer.§ 33-38-440
Benefit enforcement proceedings.§ 33-38-500
Annual benefit report.