Each association formed under this chapter must prepare and file articles of incorporation setting forth:
(1) The name of the association;
(2) The purpose for which it is formed;
(3) The place where its principal business will be transacted;
(4) The term for which it is to exist, not exceeding fifty years;
(5) The names and addresses of those (not less than five) who are to serve as directors for the first term or until the election of their successors;
(6) If organized without capital stock, whether the property rights and interest of each member shall be equal or unequal and, if unequal, the general rule or rules applicable to all members by which the property rights and interests, respectively, of each member may and shall be determined and fixed; and
(7) If organized with capital stock, the amount of such stock and the number of shares into which it is divided and the par value thereof. If the capital stock be divided into preferred and common stock the articles of incorporation must contain a statement of the number of shares of stock to which preference is granted and the number of shares of stock to which no preference is granted and the nature and extent of the preference and privileges granted to each.
In addition to the foregoing the articles of incorporation may contain any provisions consistent with law with respect to the corporation's management, regulation, government, financing, indebtedness, membership, establishment of voting districts and election of delegates for representative purposes, the issuance, retirement and transfer of its stock, if formed with capital stock, the way or manner in which the association shall operate with respect to its members, officers or directors or any other provisions relating to its affairs.
HISTORY: 1962 Code Section 12-921; 1952 Code Section 12-921; 1942 Code Section 6506; 1932 Code Section 6506; Civ. C. '22 Section 3410; 1921 (32) 339; 1935 (39) 163.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 47 - Marketing Cooperative Associations
Section 33-47-10. Short title.
Section 33-47-20. Definitions.
Section 33-47-30. Declaration of purpose.
Section 33-47-40. Applicability of general corporation laws.
Section 33-47-50. Associations not deemed illegal combinations in restraint of trade.
Section 33-47-60. Marketing information available from Clemson University.
Section 33-47-70. Organization of association.
Section 33-47-80. Purposes for which associations may be formed.
Section 33-47-90. Adoption of chapter by corporations or associations already formed.
Section 33-47-100. Participation of associations in other associations.
Section 33-47-110. Annual reports.
Section 33-47-120. Annual license fee; exemption from franchise and license tax.
Section 33-47-210. Articles of incorporation.
Section 33-47-215. Reinstatement of a marketing cooperative association.
Section 33-47-220. Execution and filing of articles; effect thereof.
Section 33-47-230. Powers of association.
Section 33-47-240. Amendment of articles of incorporation.
Section 33-47-250. Amendments requiring approval of three fourths of members.
Section 33-47-410. Membership.
Section 33-47-420. Associations as members.
Section 33-47-430. Certificate of membership.
Section 33-47-440. Admission of new members.
Section 33-47-450. Representation of members other than natural persons.
Section 33-47-460. Limitation on business with nonmembers.
Section 33-47-470. Payment upon death, withdrawal or expulsion of member.
Section 33-47-610. Issuance of stock.
Section 33-47-620. Preferred stock.
Section 33-47-630. Issuance of preferred stock for property purchased.
Section 33-47-640. Limitation on amount of stock held.
Section 33-47-650. Limitation on transfer of common stock.
Section 33-47-660. Purchase of its common stock by association.
Section 33-47-670. Stockholder's liability.
Section 33-47-820. Meetings of association.
Section 33-47-830. Matters which must be referred to members.
Section 33-47-920. Vacancies on board of directors.
Section 33-47-930. Remuneration; contracts with association.
Section 33-47-950. Removal of officers or directors.
Section 33-47-1110. Contracts for marketing products.
Section 33-47-1120. Damages for breach.
Section 33-47-1130. Injunction and specific performance.
Section 33-47-1140. Contracts entered into with other associations.
Section 33-47-1150. Inducing members to violate contract or spreading false reports.