Any domestic corporation may, in addition to the rights, powers, and franchises specified in its articles of incorporation, exchange reciprocal or interinsurance insurance contracts. The right to exchange these contracts is incidental to the purposes for which domestic corporations are organized and is granted the same as rights and powers expressly conferred.
S.C. Code Ann. § 38-17-80
Domestic corporations may exchange reciprocal or interinsurance contracts
Former 1976 Code SECTION 38-17-80 [1962 Code SECTION 37-569; 1972 (57) 2776; 1977 Act No. 69 SECTION 3; 1980 Act No. 345, SECTION 2] recodified as SECTION 38-29-80 by 1987 Act N…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.