Sections 38-23-40 to 38-23-60 do not apply to equity securities of a domestic stock insurer if (a) the securities are registered or are required to be registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, or (b) the domestic stock insurer does not have any class of its equity securities held of record by one hundred or more persons on the last business day of the previous year in which equity securities of the insurer would be subject to Sections 38-23-40 to 38-23-60 except for this section.
S.C. Code Ann. § 38-23-90
Transactions in registered securities and securities held by fewer than one hundred persons excepted
Former 1976 Code SECTION 35-9-80 [1962 Code SECTION 62-478; 1966 (54) 2146] recodified as SECTION 38-23-90 by 1987 Act No. 155, 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.