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2021 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 36 - Corporations Not-for-profit Financed By Federal Or State Loans
Section 33-36-20. Issuance of stock; compensation of members and officers; disposition of assets upon dissolution.
Universal Citation: SC Code § 33-36-20 (2021)
A corporation incorporated pursuant to this chapter may not own or issue shares of stock representing ownership interests in the corporation itself. A corporation incorporated pursuant to this chapter may pay compensation in a reasonable amount to its members, board members, and officers for services rendered, and may confer benefits upon its members in conformity with its purposes. Upon dissolution or final liquidation of the corporation incorporated pursuant to this chapter, the residual assets must be disposed of in the manner required for organizations exempt from federal income tax as described in Section 501(c)(12) of the Internal Revenue Code of 1986.
HISTORY: 2000 Act No. 404, Section 2.
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