Terms Used In South Carolina Code 33-47-930

  • 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.
An association may provide a fair remuneration for the time actually spent by its officers and directors in its service. No director during the term of his office shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of common stock of the association or to any other kind of contract differing from terms generally current in that district.