South Carolina Code 33-36-1370. District to assume all assets, properties and liabilities of antecedent nonprofit corporation
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Terms Used In South Carolina Code 33-36-1370
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Districts converted pursuant to this article shall assume all assets, properties, and liabilities of the antecedent nonprofit corporation.