If a corporation indemnifies or advances expenses to a director under Section 33-31-851, 33-31-852, 33-31-853, or 33-31-854 in connection with a proceeding by or in the right of the corporation, the corporation shall report the indemnification or advance in writing to the members with or before the notice of the next meeting of members.
S.C. Code Ann. § 33-31-1621
Report of indemnification to members
Known as the South Carolina Nonprofit Corporation Act
The act spans §§ 33-31-1001 to 33-31-858 (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.