South Carolina Code 33-19-200. Issuance of shares
(1) individuals who are authorized by law in this or another state to render a professional service described in the corporation’s articles of incorporation;
Terms Used In South Carolina Code 33-19-200
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(2) general partnerships in which all the partners are qualified persons with respect to the professional corporation and in which at least one partner is authorized by law in this state to render a professional service described in the corporation’s articles of incorporation;
(3) professional corporations, domestic or foreign, authorized by law in this State to render a professional service described in the corporation’s articles of incorporation.
(b) If a licensing authority with jurisdiction over a profession considers it necessary to prevent violation of the ethical standards of the profession, the authority by rule may restrict or condition, or revoke in part, the authority of professional corporations subject to its jurisdiction to issue shares. A rule promulgated under this section does not, of itself, make a shareholder of a professional corporation at the time the rule becomes effective a disqualified person.
(c) Shares issued in violation of this section or rules promulgated under this section are void.