Each year the corporation shall set apart as earned surplus not less than ten per cent of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one half of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus established herein shall become impaired, it shall be built up to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors, after providing for such reserves as the directors deem desirable, and the directors' determination made in good faith shall be conclusive on all persons.
HISTORY: 1962 Code Section 12-1204; 1960 (51) 1907.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 39 - County Business Development Corporations
Section 33-39-10. Definitions.
Section 33-39-20. Deposit of funds.
Section 33-39-30. Corporation shall not accept deposits.
Section 33-39-40. Establishment and maintenance of surplus.
Section 33-39-50. Credit of county is not pledged.
Section 33-39-60. Corporation and its securities exempt from taxes.
Section 33-39-210. Filing declaration of charter; contents.
Section 33-39-220. Additional contents of declaration of charter.
Section 33-39-230. Charter shall be void unless business begun within three years.
Section 33-39-240. Calling first meeting; organization; quorum.
Section 33-39-260. Amendment of charter.
Section 33-39-270. Approval by Secretary of State and filing of articles of amendment.
Section 33-39-410. Who may become members, stockholders or bondholders.
Section 33-39-420. Application for membership.
Section 33-39-430. Duration of membership; withdrawal.
Section 33-39-440. Powers of stockholders and members.
Section 33-39-450. Voting by stockholders and members.
Section 33-39-460. Loans to corporation by members.
Section 33-39-610. Management of corporation.
Section 33-39-620. Board of directors; membership; powers.