(a) A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted, or canceled.
(b) The reacquisition, redemption, or conversion of outstanding shares is subject to the limitations of subsection (c) of this section and to Section 33-6-400.
(c) At all times that shares of the corporation are outstanding, one or more shares that together have unlimited voting rights and one or more shares that together are entitled to receive the net assets of the corporation upon dissolution must be outstanding.
HISTORY: Derived from 1976 Code Section 33-9-20 [1962 Code S 12-15.1; 1963 (53) 327; 1981 Act No. 146, Section 2; Repealed, 1988 Act No. 444, Section 2]; 1988 Act No. 444, Section 2.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 6 - Shares And Distributions
Section 33-6-101. Authorized shares.
Section 33-6-102. Terms of class or series determined by board of directors.
Section 33-6-103. Issued and outstanding shares.
Section 33-6-104. Fractional shares.
Section 33-6-200. Subscription for shares before incorporation.
Section 33-6-210. Issuance of shares.
Section 33-6-220. Liability of shareholders.
Section 33-6-230. Share dividends.
Section 33-6-250. Form and content of certificates.
Section 33-6-260. Shares without certificates.
Section 33-6-270. Restriction on transfer or registration of shares or other securities.
Section 33-6-280. Expense of issue.
Section 33-6-300. Shareholders' preemptive rights.