{"data":{"id":"us-sc/s.c.-code-ann.-33-8-330","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 33-8-330","heading":"Liability for unlawful distributions.","body":"(a) A director who votes for or assents to a distribution made in violation of Section 33-6-400 or the articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating Section 33-6-400 or the articles of incorporation if it is established that he did not perform his duties in compliance with Section 33-8-300. In any proceeding commenced under this section, a director has all of the defenses ordinarily available to a director.\n(b) A director held liable under subsection (a) for an unlawful distribution is entitled to contribution:\n(1) from every other director who could be held liable under subsection (a) for the unlawful distribution; and\n(2) from each shareholder for the amount the shareholder accepted knowing the distribution was made in violation of Section 33-6-400 or the articles of incorporation.","path":["Title 33 - CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS","CHAPTER 8 Directors and Officers","ARTICLE 3 Standards of Conduct"],"source_url":"https://www.scstatehouse.gov/code/t33c008.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:02:54Z","sha256":"8c9a029f611fbe898e80178eb46100aaaaa7c779cb2202170706e5c4c3634764","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-33-8-320","next":"us-sc/s.c.-code-ann.-33-8-400"},"notice":"GroundRules: Original legal text. Not legal advice."}