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2018 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
CHAPTER 31 - SOUTH CAROLINA NONPROFIT CORPORATION ACT
Section 33-31-622. Purchase of memberships.
Universal Citation: SC Code § 33-31-622 (2018)
(a) A public benefit or religious corporation may not purchase any of its memberships or any right arising therefrom.
(b) A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by its articles or bylaws. No payment shall be made in violation of Article 13.
HISTORY: 1994 Act No. 384, Section 1.
Subarticle D
Derivative Suits
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