South Carolina Code 58-17-60. Effect of stock ownership, leases and contracts on application of chapter
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Terms Used In South Carolina Code 58-17-60
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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
No ownership or shares of the capital stock of one corporation by another corporation, nor any lease, contract or other agreement between corporations or individuals shall operate as a bar to the provisions of the General Railroad Law.