The board of directors shall be elected initially by the incorporators and thereafter at each annual meeting of the corporation or, if no annual meeting shall be held in any year at the time fixed by the bylaws, at a special meeting held in lieu of the annual meeting. At each annual meeting, or at each special meeting held in lieu of the annual meeting, the members of the corporation shall elect four directors and the stockholders shall elect the remaining three. The directors shall hold office until the next annual meeting of the corporation or special meeting held in lieu of the annual meeting after their election and until their successors are elected and qualify, unless sooner removed in accordance with the provisions of the bylaws. Any vacancy in the office of a director elected by the members shall be filled by the directors elected by the members, and any vacancy in the office of a director elected by the stockholders shall be filled by the directors elected by the stockholders.
HISTORY: 1962 Code Section 12-1263; 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.