S.C. Code § 33-45-10
Definitions
For the purposes of this chapter the words "association," "society," "company," "union," and "exchange" shall have the same signification and shall import a corporation.
South Carolina Code Title 33, Chapter 45 — Cooperative Associations Generally
South Carolina · statute · S.C. Code tit. 33, ch. 45 · 21 active provisions
Provisions
S.C. Code § 33-45-20
Restrictions on use of the term "cooperative"
No corporation or association organized or doing business for profit in this State after March 21, 1915, is entitled to use the term "cooperative" as part of its corporate or other business name or title unless it has complied with the provisions of this chapter or unless it is incorporated under Chapters 46 or 49 of t…
S.C. Code § 33-45-30
Cooperative associations authorized
The members of a limited liability company organized pursuant to Chapter 43 or Chapter 44 of this title or five or more persons, residents of this State, may associate themselves as a cooperative association, society, company, union, or exchange for the purpose of conducting within this State any agricultural, dairy, m…
S.C. Code § 33-45-40
Filing of petition with Secretary of State
They shall file with the Secretary of State a written petition, signed by themselves, setting forth: (1) The names and residences of the petitioners; (2) The name of the proposed corporation, which shall include the word "cooperative"; (3) The place at which it proposes to have its principal place of business; (4) The…
S.C. Code § 33-45-50
Issuance of commission by Secretary of State
Upon the filing of the petition as above and upon the payment of the fee for filing such petition the Secretary of State shall issue to the petitioners a commission constituting them a board of incorporators and authorizing them to open books of subscription to the capital stock of the proposed association after such p…
S.C. Code § 33-45-60
Payment of subscriptions
All subscriptions to the capital stock of any association organized under this chapter shall be payable in money or in labor or property at its money value and shall be listed, the labor or the property and the value thereof to be specified in the list of subscriptions. But no subscription in labor or property shall be…
S.C. Code § 33-45-70
Effect of failure to perform labor or deliver property
In case of failure to perform the labor or to deliver the property according to the terms of the subscription the money value thereof, as specified in the list of subscriptions, shall be paid by the subscribers.
S.C. Code § 33-45-80
Minimum amount and par value of stock
No association shall be formed under this chapter with a capital stock less than one hundred dollars. The par value of the shares shall not be less than five dollars.
S.C. Code § 33-45-90
Limitation on vote and amount of stock of single stockholder
No stockholder shall own shares of a greater par value than one fifth of the capital stock of the association or be entitled to more than one vote on any subject arising in the management of the association. Notwithstanding the above provisions of this section, a telephone cooperative association may own a majority or…
S.C. Code § 33-45-100
Organization and election of directors
When not less than fifty per cent of the proposed capital stock shall have been subscribed by bona fide subscribers the board of incorporators shall call all the subscribers together. At such meeting of the subscribers, if a majority of them shall be present in person or by proxy, the subscribers shall proceed to the o…
S.C. Code § 33-45-110
Management of affairs of corporation; removal of directors or officers
This board of directors shall manage the affairs of the association for such term of office as the bylaws may prescribe and until their successors shall have been elected and shall have qualified and entered upon the discharge of their duties. But a majority of the stockholders at a meeting legally called according to…
S.C. Code § 33-45-120
Officers
The officers of every such association shall be a president, a secretary and a treasurer or a secretary-treasurer combined, who shall be elected annually by the directors. Each of said officers must be a director of the association. The treasurer or secretary-treasurer shall give such bond as the board of directors may…
S.C. Code § 33-45-130
Calls for payment of subscriptions
The board of directors shall call for the payment of the subscriptions to the capital either in whole or in such installments as it may see fit.
S.C. Code § 33-45-140
Issuance of certificate of charter; recordation
Upon the payment to the treasurer or the secretary-treasurer of the association of at least twenty per cent of the aggregate amount of the capital subscribed payable in money and also upon the delivery of at least twenty per cent of the property subscribed to the aggregate amount of the capital stock or upon its delive…
S.C. Code § 33-45-145
Amendment of articles of incorporation
A cooperative may amend its articles of incorporation by complying with the following requirements: (1) The proposed amendment shall be first approved by the board of directors and shall then be submitted to a vote of the members at any annual or special meeting thereof. Notice of the proposed amendments shall be maile…
S.C. Code § 33-45-150
Powers of association
Each association created under this chapter may conduct any agricultural, dairy, mercantile, manufacturing or mechanical business on the cooperative plan and may buy, sell and deal in the products of any other cooperative company organized under the provisions of this chapter.
S.C. Code § 33-45-160
Investment in other cooperative
At any regular meeting or at any duly called special meeting at which at least a majority of all its stockholders shall be present an association organized under this chapter may, by a majority vote of those present, authorize the investment of its reserve fund or any part thereof or of not to exceed twenty-five per ce…
S.C. Code § 33-45-170
Membership in cotton cooperative
A person shall become a member of a cotton cooperative association organized or domesticated under the laws of this State only when the membership contract shall be in duplicate, shall state the time of the duration of such contract and shall be signed both by the member and the association. The signature of any person…
S.C. Code § 33-45-180
Apportionment of earnings
The directors of each association organized under this chapter, subject to revisions by the association at any general or duly called special meeting, shall apportion the earnings of the business in the following manner: (1) They shall declare and pay dividends on the paid-up capital stock not exceeding six per cent pe…
S.C. Code § 33-45-190
Annual report to Commissioner of Agriculture
Every association organized under the terms of this chapter shall, annually on or before the first day of January each year, make a report to the Commissioner of Agriculture. Such report shall contain: (1) The name of the association; (2) Its principal place of business; and (3) Generally a statement as to its business…
S.C. Code § 33-45-200
Other associations may accept benefits of chapter
All cooperative corporations, associations or companies which were organized and doing business under the corporation statutes of this State or had attempted so to organize and so to do business prior to March 21, 1915 shall have the benefit of all the provisions of this chapter and shall be bound thereby on filing wit…