South Carolina Statutes
§ 33-8-109 — Removal of directors by judicial proceeding.
(a)The circuit court of the county where a corporation's principal office (or, if none in this State, its registered office) is located may remove a director of the corporation from office in a proceeding commenced either by the corporation or by its shareholders holding at least five percent of the outstanding shares of any class if the court finds that (1) the director engaged in fraudulent or dishonest acts, or gross abuse of authority in discharge of duties to the corporation, and (2) removal is in the best interest of the corporation.
(b)The court that removes a director may bar the director from reelection for a period prescribed by the court.
(c)If shareholders commence a proceeding under subsection (a), they shall make the corporation a party defendant.
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South Carolina § 33-8-109 (Removal of directors by judicial proceeding.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Derived from 1976 Code SECTION 33-13-70 [1962 Code SECTION 12-18.7; 1962 (52) 1996; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 144, SECTION 2]; 1988 Act No. 444, SECTION 2.
Nearby Sections
15
§ 33-8-102
Qualifications of directors.§ 33-8-103
Number and election of directors.§ 33-8-105
Terms of directors generally.§ 33-8-106
Staggered terms for directors.§ 33-8-107
Resignation of directors.§ 33-8-108
Removal of directors by shareholders.§ 33-8-110
Vacancy on board.§ 33-8-111
Compensation of directors.§ 33-8-200
Meetings.§ 33-8-210
Action without meeting.§ 33-8-220
Notice of meeting.§ 33-8-230
Waiver of notice.