reglab/housing_qa huggingface dataset:
SC Code § 33-37-10 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-10. Definitions.

 As used in this chapter:  (1) "Corporation" means a South Carolina business development corporation created pursuant to this chapter.  (2) "Area of operations" means the entirety of the areas that comprise Federal Reserve Districts Five and Six as the geographic area in which the corporation is authorized to transact business pursuant to this chapter.  (3) "Financial institution" means any banking corporation or trust company, building and loan association, insurance company or related corporation, partnership, foundation, federal or state agency, or other institution engaged primarily in lending or investing funds including, without limitation, the Small Business Administration, an agency of the United States Government.  (4) "Member" means a financial institution authorized to do business in this State which undertakes to lend money to a corporation created pursuant to this chapter, upon its call and as provided by this chapter.  (5) "Board of directors" means the board of directors of the corporation created pursuant to this chapter.  (6) "Loan call" means the right of the corporation to call for loans by the members to the corporation as provided in Section 33-37-460 of this chapter.  (7) "Loan call agreement" means the loan agreement between the corporation and its members describing the terms, conditions, and loan limits of the corporation's right to make loan calls to its members.  (8) "Loan limit" means, for a member, the maximum amount subject to loan call at any one time by the corporation to the member as provided in the loan call agreement.  HISTORY: 1962 Code Section 12-1101; 1958 (50) 1886; 1960 (51) 1937; 2000 Act No. 234, Section 1; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, added (2), definition of "Area of operations", and redesignated the paragraphs accordingly.
SC Code § 33-37-20 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-20. Deposit of funds.

 The corporation shall not deposit any of its funds in any banking institution unless the institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated.  HISTORY: 1962 Code Section 12-1102; 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 "unless the institution" for "unless such institution".
SC Code § 33-37-30, 33-37-40 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-30, 33-37-40. Reserved.

 HISTORY: Former 33-37-30, titled Corporation shall not accept deposits, had the following history: 1962 Code Section 12-1103; 1958 (50) 1886. Reserved by 2015 Act No. 60, Section 1, eff June 4, 2015.  HISTORY: Former 33-37-40, titled Establishment and maintenance of surplus, had the following history: 1962 Code Section 12-1104; 1958 (50) 1886. Reserved by 2015 Act No. 60, Section 1, eff June 4, 2015.
SC Code § 33-37-50 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-50. Offices.

 The corporation may have offices in those places within or outside of the State, other than the location of the principal office as set forth in the declaration of charter as required in Section 33-37-210, as may be fixed by the board of directors.  HISTORY: 1962 Code Section 12-1105; 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 "in those places within or outside of the State" for "in such places within the State".
SC Code § 33-37-60 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-60. Credit of State is not pledged.

 Under no circumstances is the credit of the State pledged in this chapter.  HISTORY: 1962 Code Section 12-1106; 1958 (50) 1886; 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 § 33-37-70 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-70. Corporation, its subsidiary, and securities issued thereby exempt from taxes and fees.

 The corporation and its subsidiary corporation are not subject to taxes based upon or measured by income which are levied now or later by the State. The securities, evidences of indebtedness, and shares of the capital stock issued by the corporation and its subsidiary corporation, their transfer, income from them, and deposits of financial institutions invested in them are free at all times from taxation within the State. The corporation and its subsidiary corporation are not subject to a corporation license tax or fee imposed by Chapter 20, Title 12. Notwithstanding the above provisions, should the corporation or any of the corporation's subsidiaries apply for and receive a charter to operate as a bank, then the corporation or the subsidiary chartered as a bank is subject to all taxes or license fees applicable to banks.  HISTORY: 1962 Code Section 12-1107; 1958 (50) 1886; 1996 Act No. 353, Section 1; 2000 Act No. 234, Section 2; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, substituted "Chapter 20, Title 12" for "Chapter 20 of Title 12", and added the last sentence, relating to banks.
SC Code § 33-37-80 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-80. Tax credit for nondeductible losses arising from sale or other disposition of securities of corporation.

 Any stockholder, member, or other holder of any securities, evidences of indebtedness, or shares of the capital stock of the corporation or any of its subsidiaries who realizes a loss from the sale, redemption or other disposition of any securities, evidences of indebtedness, or shares of the capital stock of the corporation, including any such loss realized on a partial or complete liquidation of the corporation, and who is not entitled to deduct such loss in computing any of the stockholder's, member's or other holder's taxes to the State, must be entitled to credit against any taxes subsequently becoming due to the State from the stockholder, member or other holder a percentage of such loss equivalent to the highest rate of tax assessed for the year in which the loss occurs upon mercantile and business corporations.  HISTORY: 1962 Code Section 12-1108; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, inserted a comma following "member" and the two instances of "indebtedness", inserted "or any of its subsidiaries" before "who realizes a loss", substituted "any of the stockholder's" for "any of such stockholder's", substituted "must be entitled" for "shall be entitled", and substituted "due to the State from the stockholder" for "due to the State from such stockholder".
SC Code § 33-37-210 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-210. Filing declaration of charter; contents.

 Twenty-five or more persons, a majority of whom shall be residents of this State, who may desire to create a business development corporation under the provisions of this chapter for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the State and, to that end, to exercise the powers and privileges provided in this chapter, may be incorporated in the following manner. Those persons shall, by declaration of charter filed with the Secretary of State, under their hands and seals, set forth:  (1) the name of the corporation, which shall include the words "Business Development Corporation of South Carolina";  (2) the location of the principal office of the corporation; and  (3) the purposes for which the corporation is founded, which must be to: (i) promote, stimulate, develop, and advance the business prosperity and economic welfare of the corporation's area of operations and its citizens; (ii) encourage and assist through loans, investments, or other business transactions, in the location of new business and industry in its area of operations, and to rehabilitate and assist existing business and industry; (iii) stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of its area of operations, provide maximum opportunities for employment, encourage thrift, and improve the standard of living of the citizens of its area of operations; (iv) cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural, and recreational developments in its area of operations; and (v) provide financing for the promotion, development, and conduct of all kinds of business activity in its area of operations. However, in no event shall the corporation or its subsidiaries use state or federal funds provided for use exclusively in South Carolina in any other state as long as the programs providing these funds exist in South Carolina.  HISTORY: 1962 Code Section 12-1121; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, in the first paragraph, substituted "Those persons" for "Such persons"; in (1), (2) and (3), changed "The" to lower case; and in (3), added the roman number designators, inserted numerous references to areas of operations, and added the last sentence, related to the use of funds in other states.
SC Code § 33-37-220 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-220. Additional contents of declaration of charter.

 The declaration of charter shall state:  (a) the amount of total authorized capital stock and the number of shares in which it is divided;  (b) the par value of each share;  (c) the amount of capital stock with which the corporation will commence business;  (d) if there is more than one class of stock, a description of the different classes; and  (e) the names and post office addresses of the subscribers of stock and the number of shares subscribed by each. The aggregate of the subscription is the amount of capital with which the corporation will commence business. The declaration of charter may also contain any provision consistent with the laws of this State for the regulation of the affairs of the corporation or creating, defining, limiting, and regulating its powers. The declaration of charter must be in accordance with the provisions of Section 33-2-102.  HISTORY: 1962 Code Section 12-1122; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Code Commissioner's Note  The reference in subsection (e) to Section 33-37-30 was changed to Section 33-2-102 at the direction of the Code Commissioner to reflect the recodification by 1988 Act No. 444, Section 2.  Effect of Amendment  2015 Act No. 60, Section 1, in the introductory paragraph, substituted "state" for "set forth"; in (a) through (d), substituted semicolons for commas; in (e), substituted "post office" for "post-office", substituted "is the amount" for "shall be the amount", inserted a comma following "limiting", substituted "charter must be" for "charter shall be", and substituted "Section" for a section symbol.
SC Code § 33-37-230 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-230. Charter shall be void unless business begun within three years.

 If a corporation organized pursuant to this chapter shall fail to begin business within three years from the effective date of its charter, then the charter shall become null and void.  HISTORY: 1962 Code Section 12-1123; 1958 (50) 1886; 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 § 33-37-240 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-240. Calling first meeting; organization; quorum.

 The first meeting of the corporation must be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of the notice must be mailed or delivered to each incorporator at least five days before the day appointed for the meeting. The first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators. There must be recorded in the minutes of the meeting a copy of the notice or the unanimous agreement of the incorporators.  At the first meeting the incorporators shall organize by choosing by ballot a temporary clerk, by the adoption of bylaws, by the election by ballot of directors, and by action upon those other matters within the powers of the corporation as the incorporators may see fit. The temporary clerk must be sworn and shall make and attest a record of the proceedings. Ten of the incorporators shall be a quorum for the transaction of business.  HISTORY: 1962 Code Section 12-1124; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, in the first paragraph, substituted "must be called" for "shall be called", inserted a comma following "place", substituted "copy of which notice shall be" for "copy of the notice must be", substituted "There must be recorded" for "There shall be recorded", and substituted "or the unanimous agreement" for "or of such unanimous agreement"; in the second paragraph, substituted "At the first meeting" for "At such first meeting", substituted "organize by choosing by ballot" for "organize by the choice by ballot of", inserted a comma following "directors", substituted "upon those other matters" for "upon such other matters", and substituted "clerk must be sworn" for "clerk shall be sworn".
SC Code § 33-37-260 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-260. Amendment of charter.

 The charter may be amended by the votes of the stockholders and the members of the corporation voting separately by classes. The amendments require approval by the affirmative vote of two-thirds of the votes to which the stockholders are entitled and two-thirds of the votes to which the members are entitled. Provisions of the charter setting forth the classes and authorized shares of stock of the corporation may be amended by the affirmative vote of a majority of the votes to which the stockholders are entitled. If the charter so provides, the board of directors shall have the authority to set the terms of a class or series of stock as provided by Section 33-6-102. No amendment of the charter which is inconsistent with the general purposes expressed in this chapter or which eliminates or curtails the right of the Secretary of State to examine the corporation or the obligation of the corporation to make reports as provided by law may be made without amendment of this chapter. No amendment of the charter which increases the obligation of a member to make loans to the corporation, makes a change in the principal amount, interest rate, or maturity date or in the security or credit position of an outstanding loan of a member to the corporation, affects a member's right to withdraw from membership as provided in Section 33-37-430, or affects a member's voting rights as provided in Sections 33-37-440 and 33-37-450 may be made without the consent of each member affected by the amendment.  HISTORY: 1962 Code Section 12-1126; 1958 (50) 1886; 1995 Act No. 123, Section 1; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, added the third and fourth sentences, relating to charter provisions on amendments, and made other nonsubstantive changes.
SC Code § 33-37-270 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-270. Approval by Secretary of State and filing of articles of amendment.

 Within thirty days after any meeting at which an amendment of the charter has been adopted, articles of amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting forth the amendment and the due adoption of the amendment, must be submitted to the Secretary of State, who shall examine them and, if he finds that they conform to the requirements of this chapter, shall so certify and endorse his approval on it. Thereupon, the articles of amendment must be filed in the Office of the Secretary of State, and no such amendment shall take effect until the articles of amendment have been filed as is required above.  HISTORY: 1962 Code Section 12-1127; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, inserted commas following "adopted" and "treasurer", substituted "setting forth the amendment" for "setting forth such amendment", substituted "due adoption of the amendment, must be submitted" for "due adoption thereof, shall be submitted", substituted "approval on it" for "approval thereon", substituted "must be filed" for "shall be filed", substituted "Office of the Secretary of State" for "office of the Secretary of State", substituted "until the articles of amendment have" for "until such articles of amendment shall have", and substituted "is required above" for "aforesaid".
SC Code § 33-37-280 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-280. Subsidiary business entities.

 In addition to the powers conferred on the corporation by Section 33-37-250, the corporation may organize and incorporate or create pursuant to this title one or more subsidiary business entities as the board of directors may direct, and these entities shall have all those powers conferred on or permitted to them by this title or, subject to required regulatory approval, Title 34. However, these subsidiary entities are not subject to any restrictions or limitations provided for in this chapter which are applicable to the corporation, except those restrictions and limitations as may be included in the subsidiary entity's articles of incorporation or other applicable governing documents.  HISTORY: 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.
SC Code § 33-37-420 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-420. Application for membership.

 Any financial institution may request membership in the corporation by making application to the board of directors on that form and in that manner as the board of directors may require, and the membership becomes effective upon acceptance of the application by the board.  HISTORY: 1962 Code Section 12-1142; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, twice substituted "that" for "such", substituted "becomes effective" for "shall become", and substituted "of the application" for "of such application".
SC Code § 33-37-430 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-430. Duration of membership; withdrawal.

 Membership in the corporation must be for the duration of the corporation; provided, that upon written notice given to the corporation three years in advance a member may withdraw from membership in the corporation at the expiration date of the notice.  HISTORY: 1962 Code Section 12-1143; 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" for "shall be", and substituted "the notice" for "such notice".
SC Code § 33-37-440 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-440. Powers of stockholders and members.

 The stockholders and the members of the corporation shall have the following powers of the corporation:  (1) to elect directors;  (2) to make, amend, and repeal bylaws;  (3) to amend the charter; and  (4) to exercise those powers of the corporation as may be conferred on the stockholders and the members by the bylaws.  HISTORY: 1962 Code Section 12-1144; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.  Effect of Amendment  2015 Act No. 60, Section 1, in (1) through (4), changed "To" to lower case; in (2), inserted a comma following "amend"; and in (4), substituted "those powers" for "such other of the powers".
SC Code § 33-37-450 (2021)
2021 South Carolina Code of Laws|Title 33 - Corporations, Partnerships and Associations|Chapter 37 - Business Development Corporations|Section 33-37-450. Voting by stockholders and members.

 (A) As to all matters requiring action by the members and the stockholders of the corporation, the members and the holders of each class of stock, of which there are then shares authorized and outstanding for which votes are entitled to be cast, shall vote separately on the matters by classes and, except as otherwise provided in this chapter, these matters require the affirmative vote of a majority of the votes to which the members present or represented at the meeting are entitled and the affirmative vote of a majority of the votes entitled to be cast with respect to the shares of each class of stock of which there are holders present or represented at the meeting.  (B) Unless otherwise provided in the charter of the corporation, each stockholder has one vote, in person or by proxy, for each share of capital stock held by him, and each member has one vote, in person or by proxy. However, a member having a loan limit of more than one thousand dollars has one additional vote, in person or by proxy, for each additional one thousand dollars of the member's loan limit as determined pursuant to the loan call agreement with the corporation as provided in Section 33-37-460.  HISTORY: 1962 Code Section 12-1145; 1958 (50) 1886; 1995 Act No. 123, Section 3; 2000 Act No. 234, Section 4; 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.