South Carolina Code 33-38-420. Officer liability for benefit corporation
(1) the officer has discretion to act with respect to a matter; and
Terms Used In South Carolina Code 33-38-420
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
(2) it reasonably appears to the officer that the matter may have a material effect on the creation by the benefit corporation of a general public benefit or a specific public benefit identified in the public benefit corporation’s articles of incorporation.
(B) The consideration of interests and factors in the manner described in subsection (A) shall not constitute a violation of § 33-8-420.
(C) An officer is not personally liable for monetary damages for:
(1) any act taken as an officer, or any omission to act as an officer, if the officer performed the duties of office in compliance with § 33-8-410; or
(2) failure of the benefit corporation to pursue or create a general public benefit or a specific public benefit.
(D) An officer does not have a duty to any specific person that is a beneficiary of the general public benefit purpose or a specific public benefit purpose of a public benefit corporation arising from the status of the person as a beneficiary.