Except as authorized by Section 33-31-1302, a corporation may not make any distributions.
S.C. Code Ann. § 33-31-1301
Prohibited distributions
Known as the South Carolina Nonprofit Corporation Act
The act spans §§ 33–33 (186 sections).
1994 Act No. 384, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.