South Carolina § 31-1-150 - Income debentures.
Full text of South Carolina South Carolina Code of Laws § 31-1-150 — Income debentures., with citation guidance and answers to common questions.
§ 31-1-150. Income debentures.
The articles of a limited dividend housing corporation may authorize the issuance of income debenture certificates bearing no greater interest than six percent per annum. After the incorporation of a limited dividend housing corporation, the directors thereof may, with the consent of two thirds of the holders of any preferred stock that may be issued and outstanding, offer to the stockholders of the company the privilege of exchanging their preferred and common stock in such quantities and at such times as may be approved by the director for such income debenture certificates, whose value shall not exceed the par value of the stock exchanged therefor.
HISTORY: 1962 Code SECTION 36-15; 1952 Code SECTION 36-15; 1942 Code SECTION 5271-21; 1933 (38) 176; 1993 Act No. 181, SECTION 493.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 31-1-150
What does South Carolina Code of Laws § 31-1-150 cover?
Section 31-1-150 ("Income debentures.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 31-1-150?
A common citation format is "South Carolina Code of Laws § 31-1-150" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 31-1-150 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.