Public-domain · open source
OpenJurist

S.C. Code Ann. § 33-31-1401

Dissolution by incorporators

Known as the South Carolina Nonprofit Corporation Act

The act spans §§ 33–33 (186 sections).

1994 Act No. 384, SECTION 1.

(a) The incorporators of a corporation that has no members and that does not yet have initial directors, upon written consents signed by a majority of the incorporators, or through a vote of a majority of the incorporators at a meeting of the incorporators, subject to any approval required by the articles or bylaws, may dissolve the corporation by delivering to the Secretary of State articles of dissolution.

(b) The incorporators in approving dissolution shall adopt a plan of dissolution indicating to whom the assets owned or held by the corporation will be distributed after all creditors have been paid.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.