2021 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 6 - Shares And Distributions
Section 33-6-220. Liability of shareholders.
(a) A purchaser from a corporation of its own shares is not liable to the corporation or its creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued (Section 33-6-210) or specified in the subscription agreement (Section 33-6-200).
(b) Unless otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that he may become personally liable by reason of his own acts or conduct.
HISTORY: Derived from 1976 Code Section 33-11-230 1962 Code Section 12-16.23; 1952 Code Section 12-72; 1942 Code Section 7677; 1932 Code Section 7677; Civ. C. '22 Section 4251; Civ. C. '12 Section 2784; Civ. C. '02 Section 1843; R. S. 1500; 1905 (24) 842; 1940 (41) 1636; 1962 (52) 1996; 1963 (53) 327; 1981 Act No. 146, Section 2; Repealed, 1988 Act No. 444, Section 2]; 1988 Act No. 444, Section 2.
