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2018 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
CHAPTER 39 - COUNTY BUSINESS DEVELOPMENT CORPORATIONS
Section 33-39-40. Establishment and maintenance of surplus.
Universal Citation: SC Code § 33-39-40 (2018)
Each year the corporation shall set apart as earned surplus not less than ten per cent of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one half of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus established herein shall become impaired, it shall be built up to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors, after providing for such reserves as the directors deem desirable, and the directors' determination made in good faith shall be conclusive on all persons.
HISTORY: 1962 Code Section 12-1204; 1960 (51) 1907.
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