{"data":{"id":"us-sc/s.c.-code-ann.-33-31-832","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 33-31-832","heading":"Loans or guarantees for directors and officers.","body":"(a) A public benefit or religious corporation may not directly or indirectly lend money to or guarantee the obligation of a director or officer of the corporation.\n(b) A mutual benefit corporation may not directly or indirectly lend money to or guarantee the obligation of a director of the corporation unless:\n(1) the loan or guarantee is approved by a majority of all classes of members, except the votes of the affected director, if a member, and any votes controlled directly or indirectly by the affected director shall not be counted; or\n(2) the corporation's board of directors determines that the loan or guarantee benefits the corporation and either approves the specific loan or guarantee or a general plan authorizing loans and guarantees or either of them; and\n(3) the approving action taken pursuant to (1) or (2) is authorized by the corporation's articles or bylaws.\n(c) The fact that a loan or guarantee is made in violation of this section does not affect the borrower's liability on the loan.","path":["Title 33 - CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS","CHAPTER 31 South Carolina Nonprofit Corporation Act","ARTICLE 8 Directors and Officers","Subarticle C Standards of Conduct"],"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":"895169ab9dd6e641ced944a05bdc0996252d36240c9539089e2ad00e8ed52d90","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-33-31-831","next":"us-sc/s.c.-code-ann.-33-31-833"},"notice":"GroundRules: Original legal text. Not legal advice."}