South Carolina Code 33-37-450. Voting by stockholders and members
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(A) As to all matters requiring action by the members and the stockholders of the corporation, the members and the holders of each class of stock, of which there are then shares authorized and outstanding for which votes are entitled to be cast, shall vote separately on the matters by classes and, except as otherwise provided in this chapter, these matters require the affirmative vote of a majority of the votes to which the members present or represented at the meeting are entitled and the affirmative vote of a majority of the votes entitled to be cast with respect to the shares of each class of stock of which there are holders present or represented at the meeting.
(B) Unless otherwise provided in the charter of the corporation, each stockholder has one vote, in person or by proxy, for each share of capital stock held by him, and each member has one vote, in person or by proxy. However, a member having a loan limit of more than one thousand dollars has one additional vote, in person or by proxy, for each additional one thousand dollars of the member’s loan limit as determined pursuant to the loan call agreement with the corporation as provided in § 33-37-460.
Terms Used In South Carolina Code 33-37-450
- 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.
- Corporation: means a South Carolina business development corporation created pursuant to this chapter. See South Carolina Code 33-37-10
- Loan call: means the right of the corporation to call for loans by the members to the corporation as provided in § 33-37-460 of this chapter. See South Carolina Code 33-37-10
- Loan limit: means , for a member, the maximum amount subject to loan call at any one time by the corporation to the member as provided in the loan call agreement. See South Carolina Code 33-37-10
- Member: means a financial institution authorized to do business in this State which undertakes to lend money to a corporation created pursuant to this chapter, upon its call and as provided by this chapter. See South Carolina Code 33-37-10