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S.C. Code Ann. § 33-31-622

Purchase of memberships

Known as the South Carolina Nonprofit Corporation Act

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

1994 Act No. 384, SECTION 1.

(a) A public benefit or religious corporation may not purchase any of its memberships or any right arising therefrom.

(b) A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by its articles or bylaws. No payment shall be made in violation of Article 13.

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