{"data":{"id":"us-sc/s.c.-code-ann.-33-31-1302","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 33-31-1302","heading":"Authorized distributions.","body":"(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed:\n(1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and\n(2) the corporation's total assets would at least equal the sum of its total liabilities.\n(b) Corporations may make distributions upon dissolution in conformity with Sections 33-31-1401 through 33-31-1440 of this chapter.\n(c) The board of directors may base a determination that a distribution is not prohibited under subsection (a) either on financial statements prepared on the basis of accounting practices and principals that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances.","path":["Title 33 - CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS","CHAPTER 31 South Carolina Nonprofit Corporation Act","ARTICLE 13 Prohibited Distributions"],"source_url":"https://www.scstatehouse.gov/code/t33c031.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:03:59Z","sha256":"d101385667e198c9ed6cb45c2d07c0732f16f715931431417d4e6332bcf2dafd","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-33-31-1301","next":"us-sc/s.c.-code-ann.-33-31-1401"},"notice":"GroundRules: Original legal text. Not legal advice."}