S.C. Code Ann. § 58-15-60: Organization of company.

When not less than fifty per cent of the capital stock shall have been subscribed by bona fide subscribers, in the case of canal, steamboat and street railway companies and when not less than five hundred dollars per mile shall have been subscribed by bona fide subscribers in the case of railroad companies, the board of incorporators shall call the subscribers together and proceed to organize the company, with not less than three nor more than fifteen directors. The election of officers shall be had in all respects as is provided for in the case of industrial corporations organizing under Sections 33-11-30, 33-11-40, and 33-11-200.