The annual report required by Section 33-16-220 for each domestic professional corporation and for each foreign professional corporation authorized to transact business in this State must include a statement that all of its shareholders, not less than one-half of its directors, and all of its officers other than its secretary and treasurer, if any, are qualified persons with respect to the corporation. HISTORY: Derived from 1976 Code Section 33-51-130 [1962 Code Section 56-1613; 1962 (52) 1911; 1984 Act No. 281; Repealed, 1988 Act No. 444, Section 4(5)]; 1988 Act No. 444, Section 2; 1990 Act No. 446, Section 7.
South Carolina Legal Code