South Carolina Code 33-31-1530. Grounds for revoking a foreign corporation’s authority to transact business in this State
(1) the foreign corporation does not deliver a notice of change of principal office when due;
Terms Used In South Carolina Code 33-31-1530
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- Fraud: Intentional deception resulting in injury to another.
- Statute: A law passed by a legislature.
(2) the foreign corporation is without a registered agent or registered office in this State;
(3) the foreign corporation does not inform the Secretary of State that its registered agent or registered office has been changed, that its registered agent has resigned, or that its registered office has been discontinued;
(4) the corporation’s period of duration, if any, stated in its articles of incorporation expires;
(5) the Secretary of State receives a duly authenticated certificate from the Secretary of State or other official having custody of corporate records in the state or country under whose law the foreign corporation is incorporated stating that it has been dissolved or disappeared as the result of a merger; or,
(6) that the corporation has been adjudicated bankrupt pursuant to Chapter 7 of the United States Bankruptcy Code.
(b) The Richland County Court of Common Pleas under § 33-31-1531(b) may revoke the certificate of authority of a foreign corporation authorized to transact business in this State in a proceeding by the Attorney General if it is established that:
(1) the corporation obtained its articles of incorporation through fraud;
(2) the corporation has continued to exceed or abuse the authority conferred upon it by law;
(3) the corporation is a public benefit corporation and the assets are being misapplied or wasted;
(4) the corporation is a public benefit corporation and it is no longer able to carry out its purposes;
(5) the corporation has improperly solicited money or has fraudulently used the money solicited; or,
(6) the corporation has carried on, conducted, or transacted its business or affairs in a persistently fraudulent or illegal manner.
The enumeration of the grounds in items (1) through (6) revoking the authority shall not exclude actions or special proceedings by the Attorney General or other state official for revoking the authority of a foreign nonprofit corporation for other causes as provided in this chapter or in any other statute of this State.