Twenty-five or more persons, a majority of whom shall be residents of this State, who may desire to create a business development corporation under the provisions of this chapter for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the State and, to that end, to exercise the powers and privileges provided in this chapter, may be incorporated in the following manner. Those persons shall, by declaration of charter filed with the Secretary of State, under their hands and seals, set forth:
(1) the name of the corporation, which shall include the words "Business Development Corporation of South Carolina";
(2) the location of the principal office of the corporation; and
(3) the purposes for which the corporation is founded, which must be to: (i) promote, stimulate, develop, and advance the business prosperity and economic welfare of the corporation's area of operations and its citizens; (ii) encourage and assist through loans, investments, or other business transactions, in the location of new business and industry in its area of operations, and to rehabilitate and assist existing business and industry; (iii) stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of its area of operations, provide maximum opportunities for employment, encourage thrift, and improve the standard of living of the citizens of its area of operations; (iv) cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural, and recreational developments in its area of operations; and (v) provide financing for the promotion, development, and conduct of all kinds of business activity in its area of operations. However, in no event shall the corporation or its subsidiaries use state or federal funds provided for use exclusively in South Carolina in any other state as long as the programs providing these funds exist in South Carolina.
HISTORY: 1962 Code Section 12-1121; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, Section 1, in the first paragraph, substituted "Those persons" for "Such persons"; in (1), (2) and (3), changed "The" to lower case; and in (3), added the roman number designators, inserted numerous references to areas of operations, and added the last sentence, related to the use of funds in other states.
Structure 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 33-37-60. Credit of State is not pledged.
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 33-37-260. 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.
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 33-37-1080. Discontinuance of participation by participating financial institution.