SEP 29, 1992
Concerning whether a corporation’s bylaw is consistent with §33-35-20, S.C. Code of Laws (1990) when, upon dissolution or final liquidation of the corporation, the bylaw states that residual assets are deemed distributed to the members/ former members based on their patronage of the company and states that such distribution is then deemed donated to an organization described in §501 (c)(12) of the Internal Revenue Code.
Requested by: The Honorable Thomas L. Moore, Senator, Aiken and Edgefield Counties
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