2019 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 37 - Business Development Corporations

• Section 33-37-10. Definitions.
• Section 33-37-20. Deposit of funds.
• Section 33-37-30, 33-37-40. Reserved.
• Section 33-37-50. Offices.
• Section 33-37-60. Credit of State is not pledged.
• Section 33-37-70. Corporation, its subsidiary, and securities issued thereby exempt from taxes and fees.
• Section 33-37-80. Tax credit for nondeductible losses arising from sale or other disposition of securities of corporation.

• Section 33-37-210. Filing declaration of charter; contents.
• Section 33-37-220. Additional contents of declaration of charter.
• Section 33-37-230. Charter shall be void unless business begun within three years.
• Section 33-37-240. Calling first meeting; organization; quorum.
• Section 33-37-250. Powers.
• Section 33-37-260. Amendment of charter.
• Section 33-37-270. Approval by Secretary of State and filing of articles of amendment.
• Section 33-37-280. Subsidiary business entities.

• Section 33-37-410. Who may become members, stockholders or bondholders.
• Section 33-37-420. Application for membership.
• Section 33-37-430. Duration of membership; withdrawal.
• Section 33-37-440. Powers of stockholders and members.
• Section 33-37-450. Voting by stockholders and members.
• Section 33-37-460. Loans to corporation by members.
• Section 33-37-465. Short-term loans to corporation by members.
• Section 33-37-470. Authorization for issuance of new classes of stock.

• Section 33-37-610. Management of corporation.
• Section 33-37-620. Board of directors; membership; powers.
• Section 33-37-630. Election of directors; vacancies.
• Section 33-37-640. Liability for losses.

• Section 33-37-910. Applicability of the Business Corporation Act.

Editor's Note
2005 Act No. 157, Section 5, as amended by 2006 Act No. 389, Section 4, provides as follows:
"(A) The General Assembly finds that many tax incentives outlive their usefulness and should exist only for a time certain. It is the intent of the General Assembly to provide for a sunset provision on each tax incentive, including credits and exemptions, enacted by this act.
"(B) Each tax incentive, including credits and exemptions, enacted by this act shall be repealed for tax years beginning after five years from the date of enactment, unless a different time frame is otherwise provided herein, but this repeal does not apply to the small business targeted jobs tax credit allowed pursuant to Section 12-6-3360(C)(2), as amended by this act."

• Section 33-37-1010. Definitions.
• Section 33-37-1020. Establishment of program; loan loss reserve.
• Section 33-37-1030. Participating financial institution; execution of agreement.
• Section 33-37-1040. Participating financial institutions; functions and duties.
• Section 33-37-1050. Business Development Corporation; transfers to loss reserve account; reports.
• Section 33-37-1060. Release of funds to cover losses by participating financial institutions.
• Section 33-37-1070. Disposition of earnings and interest on state fund account and loss reserve account.
• Section 33-37-1080. Discontinuance of participation by participating financial institution.
• Section 33-37-1090. Audits and annual reports.
• Section 33-37-1100. Dissolution of loss reserve fund.