As used in this article, 'preferred stock' means any class or series of shares of a resident domestic corporation that under the bylaws or articles of incorporation of the resident domestic corporation: (1) is entitled to receive payment of dividends before any payment of dividends on some other class or series of shares; or (2) is entitled in the event of any voluntary liquidation, dissolution, or winding up of the corporation to receive payment or distribution of a preferential amount before any payments or distributions are received by some other class or series of shares. HISTORY: 1988 Act No. 444, Section 5, eff April 22, 1988.
South Carolina Legal Code