No stockholder of a cooperative association shall own more than one half of the issued common stock of the association. And an association, in its bylaws, may limit the amount of common stock which one member may own to any amount less than one twentieth of the issued common stock.
S.C. Code Ann. § 33-47-640
Limitation on amount of stock held
Known as the Cooperative Marketing Act
The act spans §§ 33–33 (47 sections).
1962 Code SECTION 12-944; 1952 Code SECTION 12-944; 1942 Code SECTION 6512; 1932 Code SECTION 6512; Civ
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.