reglab/housing_qa huggingface dataset:
SC Code § 33-37-465 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-465. Short-term loans to corporation by members.

 A member may make short-term loans to the corporation independently of the loan calls made pursuant to Section 33-37-460. These short-term loans are not subject to the limitations and restrictions described in Section 33-37-460. When the purpose of the short-term loan is to provide funds to the corporation for disbursement of a loan, the corporation may grant to the member funding the short-term loan a security interest in or collateral assignment of the loan on the condition that the security interest or collateral assignment is terminated upon payment of the short-term loan.  HISTORY: 2000 Act No. 234, Section 6; 2005 Act No. 157, Section 4.C, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Editor's Note  2005 Act No. 157, Section 5, as amended by 2006 Act No. 389, Section 4 provides as follows:  "(A) The General Assembly finds that many tax incentives outlive their usefulness and should exist only for a time certain. It is the intent of the General Assembly to provide for a sunset provision on each tax incentive, including credits and exemptions, enacted by this act.  "(B) Each tax incentive, including credits and exemptions, enacted by this act shall be repealed for tax years beginning after five years from the date of enactment, unless a different time frame is otherwise provided herein, but this repeal does not apply to the small business targeted jobs tax credit allowed pursuant to Section 12-6-3360(C)(2), as amended by this act."  Effect of Amendment  The 2005 amendment deleted the exception at the end of the first sentence and added the second sentence exempting the loans from the restrictions in Section 33-37-460.  2015 Act No. 60, Section 1, substituted "short-term" for "short- term".
SC Code § 33-37-470 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-470. Authorization for issuance of new classes of stock.

 The board of directors have the power to issue shares of capital stock of the corporation in the classes, series, and denominations set forth in the charter of the corporation, to the same extent and subject to the same restrictions as are otherwise applicable to business corporations organized under the laws of South Carolina under Chapters 1 through 20 of this title. However, the corporation may not issue shares of any series or class of stock with rights, restrictions, or other attributes which would impair or limit the rights of members under this chapter or impair or limit the rights given to stockholders generally under this chapter.  HISTORY: 1995 Act No. 123, Section 6, eff July 1, 1995; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, reenacted this section with no change.
SC Code § 33-37-610 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-610. Management of corporation.

 The business and affairs of the corporation must be managed and conducted by a board of directors, a president and treasurer and those other officers and agents as the corporation by its bylaws shall authorize.  HISTORY: 1962 Code Section 12-1161; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, substituted "must be managed" for "shall be managed" and "those other officers and agents" for "such other officers and such agents".
SC Code § 33-37-620 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-620. Board of directors; membership; powers.

 The board of directors shall consist of such number, not more than twenty-one, as must be determined in the first instance by the incorporators and thereafter annually by the members and the stockholders of the corporation. The board of directors may exercise all the powers of the corporation except those as are conferred by law or by the bylaws of the corporation upon the stockholders or members and shall choose and appoint all the agents and officers of the corporation and fill all vacancies except vacancies in the office of director, which must be filled as provided in Section 33-37-630. The board of directors must be elected as provided in Section 33-37-630.  HISTORY: 1962 Code Section 12-1162; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, substituted "must be determined" for "shall be determined", substituted "except those as are" for "except such as are", substituted "which must be filled" for "which shall be filled", substituted "must be elected" for "shall be elected", and twice substituted "Section" for a section symbol.
SC Code § 33-37-630 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-630. Election of directors; vacancies.

 The board of directors must be elected in the first instance by the incorporators and after that time at each annual meeting of the corporation or, if no annual meeting is held in any year, at the time fixed by the bylaws, at a special meeting held in lieu of the annual meeting. At each annual meeting, or at each special meeting held in lieu of the annual meeting, the members of the corporation shall elect two-thirds of the board of directors, and the stockholders shall elect the remaining directors in the manner prescribed in the charter of the corporation. The directors must hold office until the next annual meeting of the corporation or special meeting held in lieu of the annual meeting after their election and until their successors are elected and qualified unless sooner removed in accordance with the provisions of the bylaws. A vacancy in the office of a director elected by the members must be filled by the directors elected by the members, and a vacancy in the office of a director elected by the stockholders must be filled by the directors elected by the stockholders.  HISTORY: 1962 Code Section 12-1163; 1958 (50) 1886; 1995 Act No. 123, Section 5; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, substituted "two-thirds" for "two thirds".
SC Code § 33-37-640 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-640. Liability for losses.

 Directors and officers are not responsible for losses unless the losses have been occasioned by the wilful misconduct of those directors and officers.  HISTORY: 1962 Code Section 12-1164; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, substituted "are not responsible" for "shall not be responsible" and "those directors" for "such directors".
SC Code § 33-37-910 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-910. Applicability of the Business Corporation Act.

 Chapters 1 through 20 of this title apply to every corporation organized pursuant to this chapter, except as otherwise provided in Chapters 1 through 20 of this title or by this chapter. If there is a conflict between the provisions of Chapters 1 through 20 of this title and Chapter 37 with respect to a corporation organized under this chapter, this chapter controls.  HISTORY: 1995 Act No. 123, Section 7; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, reenacted this section with no change.
SC Code § 33-37-1010 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1010. Definitions.

 For purposes of this article:  (1) "CAP" means the Capital Access Program created in this article.  (2) "BDC" means Business Development Corporation of South Carolina.  (3) "Financial institution" means a bank, trust company, savings bank, savings and loan association, or cooperative bank chartered by the State or a national banking association, federal savings and loan association, or federal savings bank, if that financial institution has offices located in South Carolina.  (4) "Participating financial institution" means a financial institution participating in the Capital Access Program.  (5) "Small business" means:  (a) a retail or service business with annual sales not exceeding two million dollars;  (b) a wholesale business with annual sales not exceeding five million dollars;  (c) a manufacturing business with no more than fifty employees; or  (d) another business with annual revenue not exceeding two million dollars.  (6) "State fund" and "state fund account" means the funds appropriated by the General Assembly of South Carolina for the CAP, provided to BDC as custodian for the State of South Carolina, and deposited by BDC into one or more interest-bearing trust accounts maintained by it as custodian for the State of South Carolina.  (7) "Loss reserve account" means one or more interest-bearing trust accounts maintained by BDC for holding and administering the loan loss reserve pursuant to this article.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, in (1) and (4), substituted "Capital Access Program" for "capital access program", and in (7), substituted "interest-bearing" for "interest- bearing".
SC Code § 33-37-1020 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1020. Establishment of program; loan loss reserve.

 (A) Upon appropriation of funds by the General Assembly for the CAP in the minimum initial sum of two million five hundred thousand dollars, those funds and funds resulting from later appropriations to the state fund must be provided to BDC for deposit in the state fund account.  (B) BDC shall establish the CAP to provide a loan loss reserve from the state fund to assist participating financial institutions making loans to small businesses located in South Carolina that otherwise find it difficult to obtain regular bank financing.  (C) The assistance must be provided by BDC through transfers by it from a state fund account into a loss reserve account maintained by, in the name of, and controlled by BDC as custodian to provide loan loss reserves for loans made to those small businesses.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, reenacted this section with no change.
SC Code § 33-37-1030 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1030. Participating financial institution; execution of agreement.

 A financial institution desiring to become a participating financial institution shall execute an agreement in a form BDC prescribes, containing the terms and provisions provided in Section 33-37-1040 and other terms and provisions BDC considers necessary or appropriate.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, reenacted this section with no change.
SC Code § 33-37-1040 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1040. Participating financial institutions; functions and duties.

 A participating financial institution originating a loan to a small business pursuant to this article shall:  (1) use its existing business and banking network to market and perpetuate the CAP so as to promote economic development among small businesses in South Carolina;  (2) provide financing to small businesses for their business purposes including, without limitation, expansion, start-up, purchase of fixed assets or inventory, facility or technology upgrading, and working capital;  (3) limit loans outstanding to one small business borrower pursuant to this article and the CAP to an aggregate balance outstanding of two hundred fifty thousand dollars or a lesser amount the BDC determines, in the exercise of its discretion for the benefit of the CAP and the small business community at large in this State;  (4) limit loans made pursuant to this article and under the CAP to those that are not guaranteed or otherwise assisted by another governmental entity or program;  (5) set aside an amount of at least one and one-half percent but no more than three and one-half percent of the principal amount of the loan, into the loss reserve account;  (6) obtain from the small business an amount equal to the reserve contribution made by the participating financial institution with respect to the loan;  (7) forward the funds collected and determined pursuant to items (5) and (6) to BDC for deposit into the loss reserve account together with a written report in the form and with the content BDC prescribes; and  (8) report annually to BDC, in the manner and with the supporting information BDC prescribes, the outstanding balance of loans made by it pursuant to the CAP, and a projection and estimate of loans it anticipates making pursuant to the program in the succeeding year.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, in (7), deleted "of this section" following "items (5) and (6)".
SC Code § 33-37-1050 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1050. Business Development Corporation; transfers to loss reserve account; reports.

 After receipt of the funds and report provided in Section 33-37-1040(7), BDC shall transfer from the state fund account to the loss reserve account an amount equal to one hundred fifty percent of the total of the contributions of the participating financial institution and the small business. BDC shall maintain accurate records to determine the allocation and allocable share of each participating financial institution in and to the loan loss reserves in the loss reserve account and shall provide a report of the allocation to each participating financial institution annually. BDC also shall provide the report to a participating financial institution upon its written request during the year, but not more often than quarterly, and to the South Carolina Department of Commerce quarterly. In addition, the BDC shall provide an internal quarterly report on the project job creation and capital investment associated with each loan.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, deleted "of this article" following "33-37-1040(7)".
SC Code § 33-37-1060 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1060. Release of funds to cover losses by participating financial institutions.

 If the participating financial institution suffers a loss on a loan made pursuant to the CAP and this article, it may request that all or a portion of its allocated loan reserve in the loss reserve account be applied to the loan. Upon receipt by BDC of a certification of loss by the participating financial institution, BDC shall release the funds in the account to repay the loan in whole or in part, in an amount not to exceed the actual loss incurred by the participating financial institution. BDC shall prescribe the form and content of the certification report.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, reenacted this section with no change.
SC Code § 33-37-1070 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1070. Disposition of earnings and interest on state fund account and loss reserve account.

 Earnings or interest from the principal of the state fund account and the loss reserve account must be paid monthly to BDC. In the event the interest paid to the BDC amounts to less than fifty thousand dollars in any year, the difference between the amount paid from interest and fifty thousand dollars must be paid to the BDC from the state fund account, if available, in January of the following year:  (1) as compensation for its administration and management of the CAP and the accounts; and  (2) for economic development in South Carolina for the purposes and within the meanings set forth in this chapter and in the corporate charter of BDC.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, added the second sentence in the first paragraph, relating to interest amounts to less than fifty thousand dollars.
SC Code § 33-37-1080 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1080. Discontinuance of participation by participating financial institution.

 If a participating financial institution that elects to discontinue its participation in the CAP has funds on deposit in the loss reserve account, the funds must be forfeited by the institution to the state fund and used in the CAP as loss reserves as provided in this article.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, reenacted this section with no change.
SC Code § 33-37-1090 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1090. Audits and annual reports.

 An independent certified public accountant, as elected annually by the Board of Directors of the BDC, shall conduct an annual certified audit of its management, administration, and recordkeeping in connection with the CAP and provide the audit to the South Carolina Board of Financial Institutions upon its request, the General Assembly upon its request, and the South Carolina Department of Commerce. Annual reports to the South Carolina Department of Commerce and the General Assembly also must include projected capital investment and job creation associated with each CAP loan provided.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, reenacted this section with no change.
SC Code § 33-37-1100 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-1100. Dissolution of loss reserve fund.

 If a loan is not made by participating financial institutions for three consecutive years and the General Assembly does not appropriate additional funds for the program for those three consecutive years, BDC may pay over to the participating financial institutions their allocable shares of funds in the loss reserve account and pay over to the State of South Carolina, as directed by the South Carolina Board of Financial Institutions, funds held in the state fund account.  HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, reenacted this section with no change.
SC Code § 33-38-110 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 38 - South Carolina Benefit Corporation Act|Section 33-38-110. Short title.

 This chapter may be referred to and cited as the "South Carolina Benefit Corporation Act".  HISTORY: 2012 Act No. 277, Section 1, eff June 14, 2012.
SC Code § 33-38-120 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 38 - South Carolina Benefit Corporation Act|Section 33-38-120. Application of chapter; exemptions.

 (A) This chapter applies to all benefit corporations.  (B) The provisions contained in Chapters 1-19 of this title apply to benefit corporations except where those provisions conflict with provisions contained in this chapter, in which case the provisions contained in this chapter control.  (C) Other than as provided in Section 33-38-210, corporations that are not benefit corporations are not subject to this chapter, and this chapter does not otherwise affect a statute or rule of law that is applicable to a corporation that is not a benefit corporation. A benefit corporation may be simultaneously subject to this chapter and one or more other statutes that provide for the incorporation of a specific type of business corporation, including, but not limited to, a statutory close corporation or a professional corporation.  (D) A provision of the articles of incorporation or bylaws of a benefit corporation may not be inconsistent with a provision of this chapter.  (E) The formation of a business entity pursuant to provisions other than Title 33, Chapter 38 does not prohibit the business entity from including in its general powers consideration or donations for the public welfare, or for charitable, scientific, or educational purposes, as provided in the South Carolina Business Corporation Act.  HISTORY: 2012 Act No. 277, Section 1, eff June 14, 2012.
SC Code § 33-38-140 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 38 - South Carolina Benefit Corporation Act|Section 33-38-140. No entitlement to property tax exemptions.

 A benefit corporation is not entitled to claim an exemption from any property tax imposed by law.  HISTORY: 2012 Act No. 277, Section 1, eff June 14, 2012.
SC Code § 33-38-200 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 38 - South Carolina Benefit Corporation Act|Section 33-38-200. Incorporation as a benefit corporation.

 A domestic corporation, including a domestic corporation incorporated upon a conversion, may be incorporated as a benefit corporation by including in its original articles of incorporation a provision stating that the corporation is a benefit corporation governed by this chapter. The articles of incorporation also must include an identification of a specific public benefit purpose as required by Section 33-38-300.  HISTORY: 2012 Act No. 277, Section 1, eff June 14, 2012.