(a) The provisions of this article also apply to a foreign corporation incorporated in any state other than South Carolina that has: (1) a class of voting shares registered with the Securities and Exchange Commission or another federal agency under Section 12 of the 1934 Exchange Act; and (2) its principal place of business, its principal office, or more than forty percent of its assets within South Carolina; and either: (A) more than ten percent of its shareholders resident in South Carolina; (B) more than ten percent of its shares owned by South Carolina residents; or (C) ten thousand shareholders resident in South Carolina. (b) The residence of a shareholder is presumed to be the address appearing in the records of the corporation. (c) Shares held by banks (except as trustee or guardian), brokers, or nominees must be disregarded for purposes of calculating the percentages or numbers described in this section. HISTORY: 1988 Act No. 444, Section 5, eff April 22, 1988; 1990 Act No. 446, Section 11, eff May 7, 1990.
South Carolina Legal Code