Each association incorporated under this chapter must, within thirty days after its incorporation, adopt for its government and management a code of bylaws, not inconsistent with the powers granted by this chapter. A majority vote of a quorum of the members or stockholders attending a meeting, prior to which notice of the proposed bylaw or bylaws shall have been given, is sufficient to adopt or amend the bylaws. Each association under its bylaws may also provide for any or all of the following matters:
(1) The time, place and manner of calling and conducting its meetings;
(2) The number of stockholders or members constituting a quorum;
(3) The rights of members or stockholders to vote by proxy or by mail or both and the conditions, manner, form and effects of such votes;
(4) The number of directors constituting a quorum;
(5) The qualifications, compensation, duties and terms of office of directors and officers, the time of their election and the mode and manner of giving notice thereof;
(6) Penalties for violation of the bylaws;
(7) The amount of entrance, organization and membership fees, if any, the manner and method of collection of the same and the purposes for which they may be used;
(8) The amount which each member or stockholder shall be required to pay annually or from time to time, if at all, to carry on the business of the association;
(9) The charge, if any, to be paid by each member or stockholder for services rendered by the association to him, the time of payment and the manner of collection;
(10) The marketing contract between the association and its members or stockholders which every member or stockholder may be required to sign;
(11) The number and qualification of members or stockholders of the association and the conditions precedent to membership or ownership of common stock;
(12) The method, time and manner of permitting members to withdraw or the holders of common stock to transfer their stock;
(13) The manner of assignment and transfer of the interest of members and of the shares of common stock and the conditions upon which and time when membership of any member shall cease;
(14) The automatic suspension of the rights of a member when he ceases to be eligible for membership in the association and the mode, manner and effect of the expulsion of a member; and
(15) The manner of determining the value of a member's interest and provision for its purchase by the association upon the death or withdrawal of a member or stockholder or upon the expulsion of a member or forfeiture of his membership or, at the option of the association, by conclusive appraisal by the board of directors.
HISTORY: 1962 Code Section 12-951; 1952 Code Section 12-951; 1942 Code Section 6508; 1932 Code Section 6508; Civ. C. '22 Section 3412; 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.