South Carolina Code 37-11-95. Approval required prior to declaring or distributing dividend or similar distribution
Current as of: 2023 | Check for updates
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(A) An operator shall obtain approval from the department before declaring or distributing a dividend or similar distribution which generates a retained deficit or increases an existing retained deficit.
(B) The department’s approval required under subsection (A) must be given within thirty days from the date of the request unless the department determines in writing that the distribution is not reasonable in relation to the operator’s or facility‘s outstanding liabilities or would otherwise affect the financial soundness of the operator or the facility.
Terms Used In South Carolina Code 37-11-95
- Department: means the South Carolina Department of Consumer Affairs. See South Carolina Code 37-11-20
- Facility: means the place in which an operator undertakes to provide continuing care to a person. See South Carolina Code 37-11-20
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Operator: means the promoter, developer, or owner of a continuing care retirement community or of an institution, building, residence, or other place, whether operated for profit or not, or a person who solicits or undertakes to provide continuing care under a continuing care facility contract. See South Carolina Code 37-11-20