When not less than fifty per cent of the proposed capital stock shall have been subscribed by bona fide subscribers the board of incorporators shall call all the subscribers together. At such meeting of the subscribers, if a majority of them shall be present in person or by proxy, the subscribers shall proceed to the organization of the association by the election from themselves of a board of directors not less than five nor more than nine in number, each subscriber having one vote and no more. HISTORY: 1962 Code Section 12-810; 1952 Code Section 12-810; 1942 Code Section 8142; 1932 Code Section 8142; Civ. C. '22 Section 4336; 1915 (29) 235; 1938 (40) 1665.
South Carolina Legal Code