South Carolina Code 51-15-530. Municipal stockholder not liable for debts or acts of corporation
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Terms Used In South Carolina Code 51-15-530
- 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.
No city or municipality creating such a corporation or owning the stock therein shall be liable for any act of such corporation or for the debts or obligations thereof, nor shall such city or municipality be liable for any act of any officer or director of any such corporation or any of them or of any agent thereof.