South Carolina Statutes
§ 33-38-440 — Benefit enforcement proceedings.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 38 SOUTH CAROLINA BENEFIT CORPORATION ACT
(A)The duties of directors under this chapter may be enforced only in a benefit enforcement proceeding. A person may not bring an action or assert a claim against a benefit corporation or its directors or officers with respect to:
(1)failure to pursue or create general public benefit or a specific public benefit set forth in its articles of incorporation; or (2) violation of a duty or standard of conduct under this chapter.
(B)A benefit corporation shall not be liable for monetary damages under this chapter for any failure of the benefit corporation to pursue or create general public benefit or a specific public benefit.
(C)A benefit enforcement proceeding may be commenced or maintained by only the following:
(1)directly, by the benefit corporation; or (2) derivatively, by any of the
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South Carolina § 33-38-440 (Benefit enforcement proceedings.) — 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. ARTICLE 5 Annual Reporting
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.