South Carolina § 33-36-1050 - Winding up and settling affairs.
Full text of South Carolina South Carolina Code of Laws § 33-36-1050 — Winding up and settling affairs., with citation guidance and answers to common questions.
§ 33-36-1050. Winding up and settling affairs.
The board has full power to wind up and settle the affairs of the corporation not-for-profit. It shall collect the debts owing to the corporation, sell and dispose of its property and assets, and pay, satisfy, and discharge its debts, obligations, and liabilities. After paying or adequately providing for the payment of all debts, obligations, and liabilities, the board shall dispose of the residual assets in accordance with the requirements of Section 501(c)(12) of the United States Internal Revenue Code of 1986.
HISTORY: 2000 Act No. 404, SECTION 2.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 33-36-1050
What does South Carolina Code of Laws § 33-36-1050 cover?
Section 33-36-1050 ("Winding up and settling affairs.") 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 § 33-36-1050?
A common citation format is "South Carolina Code of Laws § 33-36-1050" (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 § 33-36-1050 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.