If in any calendar or fiscal year the gross receipts of any company formed hereunder should exceed the payments or charges specified in Section 31-1-620, the sums necessary to pay dividends, interest accrued or unpaid on any stock or income debentures and the authorized transfer to surplus, the balance shall, unless the board of directors with the approval of the director shall deem such balance too small for the purpose, be applied to the reduction of rentals. HISTORY: 1962 Code Section 36-53; 1952 Code Section 36-53; 1942 Code Section 5271-25; 1933 (38) 176; 1993 Act No. 181, Section 501.
South Carolina Legal Code