South Carolina Code 51-15-520. Creation of corporations to acquire property for parks, playgrounds, and athletic facilities
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Terms Used In South Carolina Code 51-15-520
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
Any such city or municipality may create corporations, own stock therein and name directors and officers for the management thereof, for the purpose of having the corporations acquire properties in like manner as provided in § 51-15-510 for the uses set out therein. The Secretary of State may issue charters for such corporations just as charters are now issued for business corporations and such corporations when formed shall have the powers of usual business corporations, with special authority to buy, sell, own, lease or mortgage the real and personal property so acquired.