South Carolina Code 33-31-1420. Grounds for administrative dissolution
Current as of: 2023 | Check for updates
|
Other versions
The Secretary of State may commence a proceeding under § 33-31-1421 to administratively dissolve a corporation if the:
(1) corporation does not deliver a report of change of principal office when due;
Terms Used In South Carolina Code 33-31-1420
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(2) corporation is without a registered agent or registered office in this State;
(3) corporation does not notify the Secretary of State that its registered agent or registered office has been changed, that its registered agent has resigned, or that its registered office has been discontinued;
(4) corporation’s period of duration, if any, stated in its articles of incorporation expires; or
(5) corporation has been adjudicated bankrupt pursuant to Chapter 7 of the United States Bankruptcy Code.