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2018 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
CHAPTER 37 - BUSINESS DEVELOPMENT CORPORATIONS
Section 33-37-640. Liability for losses.
Universal Citation: SC Code § 33-37-640 (2018)
Directors and officers are not responsible for losses unless the losses have been occasioned by the wilful misconduct of those directors and officers.
HISTORY: 1962 Code Section 12-1164; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, Section 1, substituted "are not responsible" for "shall not be responsible" and "those directors" for "such directors".
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