2012 South Carolina Code of Laws
Title 37 - Consumer Protection Code
Chapter 11 - LICENSING AND REGULATION OF CONTINUING CARE RETIREMENT COMMUNITIES
Section 37-11-95 - Approval required prior to declaring or distributing dividend or similar distribution.

(A) An operator shall obtain approval from the department before declaring or distributing a dividend or similar distribution which generates a retained deficit or increases an existing retained deficit.

(B) The department's approval required under subsection (A) must be given within thirty days from the date of the request unless the department determines in writing that the distribution is not reasonable in relation to the operator's or facility's outstanding liabilities or would otherwise affect the financial soundness of the operator or the facility.

HISTORY: 1995 Act No. 19, Section 1.