South Carolina Code 33-47-1110. Contracts for marketing products
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Terms Used In South Carolina Code 33-47-1110
- agricultural products: shall include horticultural, viticultural, forestry, dairy, livestock, poultry, bee and any other farm products;
(2) The term "member" shall include actual members of associations without capital stock and holders of common stock in associations organized with capital stock; and
(3) The term "association" means any corporation organized under this chapter. See South Carolina Code 33-47-20 - association: means any corporation organized under this chapter. See South Carolina Code 33-47-20
- Contract: A legal written agreement that becomes binding when signed.
The association and its members may make and execute marketing contracts requiring the members to sell, for any period of time not over ten years, all or any specified part of their agricultural products or specified commodities exclusively to or through the association or any facilities to be created by the association. The contract may provide that the association may sell or resell the products of its members, with or without taking title thereto, and pay over to its members the resale price after deducting all necessary selling, overhead and other costs and expenses, including dividends on preferred stock, not exceeding eight per cent per annum, reserves for retiring the stock, if any, other proper reserves and dividends not exceeding eight per cent per annum upon common stock.