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2017 South Carolina Code of Laws
Title 31 - Housing and Redevelopment
CHAPTER 1 - STATE HOUSING LAW
Section 31-1-170. Limited return on stock.
Universal Citation: SC Code § 31-1-170 (2017)
No stockholder in any corporation formed hereunder shall receive any dividend in any one year in excess of six per cent per annum except that when in any preceding year dividends in the amount prescribed in the articles of incorporation shall not have been paid on the stock the stockholders may be paid such deficiency without interest out of any surplus earned in any succeeding year.
HISTORY: 1962 Code Section 36-17; 1952 Code Section 36-17; 1942 Code Section 5271-19; 1933 (38) 176.
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