There shall be three methods of voting, each organization determining and stating in its bylaws which one of the methods of voting outlined herein shall be used. First, each owner of common stock may be allowed to vote his holdings of common stock, provided, however, that he shall not have a vote exceeding that which corresponds to twenty per cent of the total stock issued and outstanding by the organization; or second, any cooperative association may allow its members to vote according to their volume of business in proportion to the total volume transacted by each member through or with the organization during the fiscal year immediately preceding the annual or special meeting at which the vote shall be taken and each organization may determine the unit of volume which shall be used as a basis of computing the votes, such volume to be calculated as a basis of voting by units or value which each organization may determine in its bylaws; or, third, each member or common stockholder may be entitled to one vote.
HISTORY: 1962 Code Section 12-954; 1952 Code Section 12-954; 1942 Code Section 6512; 1932 Code Section 6512; Civ. C. '22 Section 3416; 1921 (32) 339; 1935 (39) 205.
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.