South Carolina Code 58-15-110. Effect of irregularity in incorporation
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Terms Used In South Carolina Code 58-15-110
- 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.
No irregularity in complying with the provisions of §§ 58-15-10 to 58-15-100 shall be held to vitiate the corporation until a direct proceeding to set aside and annul the charter be instituted by the proper authority of the State and all acts done and contracts entered into by any such de facto corporation shall have the same force and effect as if no irregularity had existed.