All subscriptions to the capital stock of any association organized under this chapter shall be payable in money or in labor or property at its money value and shall be listed, the labor or the property and the value thereof to be specified in the list of subscriptions. But no subscription in labor or property shall be received unless such labor or property and the value thereof, so to be specified as aforesaid, be approved by the board of incorporators.
HISTORY: 1962 Code Section 12-806; 1952 Code Section 12-806; 1942 Code Section 8140; 1932 Code Section 8140; Civ. C. '22 Section 4334; 1915 (29) 235.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 45 - Cooperative Associations Generally
Section 33-45-10. Definitions.
Section 33-45-20. Restrictions on use of the term "cooperative".
Section 33-45-30. Cooperative associations authorized.
Section 33-45-40. Filing of petition with Secretary of State.
Section 33-45-50. Issuance of commission by Secretary of State.
Section 33-45-60. Payment of subscriptions.
Section 33-45-70. Effect of failure to perform labor or deliver property.
Section 33-45-80. Minimum amount and par value of stock.
Section 33-45-90. Limitation on vote and amount of stock of single stockholder.
Section 33-45-100. Organization and election of directors.
Section 33-45-110. Management of affairs of corporation; removal of directors or officers.
Section 33-45-130. Calls for payment of subscriptions.
Section 33-45-140. Issuance of certificate of charter; recordation.
Section 33-45-145. Amendment of articles of incorporation.
Section 33-45-150. Powers of association.
Section 33-45-160. Investment in other cooperative.
Section 33-45-170. Membership in cotton cooperative.
Section 33-45-180. Apportionment of earnings.
Section 33-45-190. Annual report to Commissioner of Agriculture.
Section 33-45-200. Other associations may accept benefits of chapter.