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.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 36 - Corporations Not-for-profit Financed By Federal Or State Loans
Section 33-36-10. "Corporation not-for-profit" defined.
Section 33-36-210. Articles of incorporation.
Section 33-36-220. When corporation constituted.
Section 33-36-240. Amendment of charter and articles of incorporation.
Section 33-36-250. Conformance to provisions of Sections 33-36-10 and 33-36-20.
Section 33-36-270. Additional powers.
Section 33-36-290. Effect of irregularity in complying with provisions of chapter.
Section 33-36-300. Amendment of bylaws; emergency bylaws.
Section 33-36-410. Use of services provided as condition of membership.
Section 33-36-420. Annual meetings.
Section 33-36-450. Member petitions.
Section 33-36-460. Private property of members exempted from liability for debt of corporation.
Section 33-36-610. Governing board; powers; membership.
Section 33-36-630. Indemnification of board members who become parties to proceedings.
Section 33-36-640. Standards for board members.
Section 33-36-650. Election of board members; district representation; terms.
Section 33-36-810. Sale of assets.
Section 33-36-820. Consolidation.
Section 33-36-840. Effect of consolidation or merger.
Section 33-36-1030. Certificate of election to dissolve; affidavit of compliance.
Section 33-36-1040. Submission of certificate of dissolution and affidavit to Secretary of State.
Section 33-36-1050. Winding up and settling affairs.
Section 33-36-1060. Notice of winding up proceedings.
Section 33-36-1070. Articles of dissolution.
Section 33-36-1210. Corporations organized under Chapter 35 of Title 33.
Section 33-36-1315. Resolution to become public service district; notice; petition; vote.
Section 33-36-1320. Petition for charter.
Section 33-36-1330. Appointment or election of board members.
Section 33-36-1340. Election of commissioners.
Section 33-36-1350. Election of officers by the board.