The board of directors have the power to issue shares of capital stock of the corporation in the classes, series, and denominations set forth in the charter of the corporation, to the same extent and subject to the same restrictions as are otherwise applicable to business corporations organized under the laws of South Carolina under Chapters 1 through 20 of this title. However, the corporation may not issue shares of any series or class of stock with rights, restrictions, or other attributes which would impair or limit the rights of members under this chapter or impair or limit the rights given to stockholders generally under this chapter. HISTORY: 1995 Act No. 123, Section 6, eff July 1, 1995; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.
South Carolina Legal Code