No city or municipality creating such a corporation or owning the stock therein shall be liable for any act of such corporation or for the debts or obligations thereof, nor shall such city or municipality be liable for any act of any officer or director of any such corporation or any of them or of any agent thereof.
S.C. Code Ann. § 51-15-530
Municipal stockholder not liable for debts or acts of corporation
1962 Code SECTION 51-173; 1952 Code SECTION 51-173; 1942 Code SECTION 7553; 1933 (38) 295.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.