Purposes
Known as the South Carolina Nonprofit Corporation Act
The act spans §§ 33–33 (186 sections).
Applied in 1 court decision — leading case 780 F. Supp. 2d 344 - Bank of New York v. Yugoimport SDPR J.P. (2011)
Most recently applied in 780 F. Supp. 2d 344 - Bank of New York v. Yugoimport SDPR J.P. (April 2011)
1994 Act No. 384, SECTION 1.
(a) Every corporation incorporated under this chapter has the purpose of engaging in any lawful activity unless a more limited purpose is set forth in the articles of incorporation.
(b) A corporation engaging in an activity that is subject to regulation under another statute of this State may incorporate under this chapter only if incorporation under this chapter is not prohibited by the other statute. The corporation is subject to all limitations of the other statute.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.