(A) A benefit corporation may terminate its status and cease to be subject to this chapter by amending its articles of incorporation to remove the provision that the corporation is a benefit corporation governed by this chapter. The amendment must be approved in the manner required by Section 33-38-230. Any sale, lease, exchange, or other disposition of all, or substantially all, of the property of a benefit corporation, unless the transaction is in the usual and regular course of business, shall not be effective unless it is approved in the manner required by Section 33-38-230.
(B) If a plan of merger, conversion, or share exchange would have the effect of terminating the status of a benefit corporation as a benefit corporation, the plan must be approved in the manner required by Section 33-38-230.
HISTORY: 2012 Act No. 277, Section 1, eff June 14, 2012.
Code Commissioner's Note
At the direction of the Code Commissioner, the reference in subsection (A) to "Section 33-38-20" was changed to "Section 33-38-230" to correct a typographical error.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 38 - South Carolina Benefit Corporation Act
Section 33-38-110. Short title.
Section 33-38-120. Application of chapter; exemptions.
Section 33-38-130. Definitions.
Section 33-38-140. No entitlement to property tax exemptions.
Section 33-38-200. Incorporation as a benefit corporation.
Section 33-38-220. Termination of status as benefit corporation.
Section 33-38-230. Approval of corporate matters.
Section 33-38-300. Corporate purposes for benefit corporations.
Section 33-38-400. Accountability for benefit corporation.
Section 33-38-410. Powers and duties of benefit director.
Section 33-38-420. Officer liability for benefit corporation.
Section 33-38-430. Duties of benefit officer.
Section 33-38-440. Benefit enforcement proceedings.
Section 33-38-500. Annual benefit report.
Section 33-38-600. Shareholder dissent and payment for shares.