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2018 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
CHAPTER 19 - PROFESSIONAL CORPORATION SUPPLEMENT
Section 33-19-270. Cancellation of disqualified shares.
Universal Citation: SC Code § 33-19-270 (2018)
If the shares of a disqualified person are not acquired under Section 33-19-240 or 33-19-250 within ten months after the death of the shareholder or within five months after the disqualification or transfer or, in the case of the exercise of the option to purchase the shares following termination of employment, pursuant to Section 33-19-231, the professional corporation shall cancel immediately the shares on its books and the disqualified or terminated person has no further interest as a shareholder in the corporation other than his right to payment of the fair value of the shares under Section 33-19-240 or 33-19-250.
HISTORY: 1988 Act No. 444, Section 2.
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