South Carolina § 37-11-95 - Approval required prior to declaring or distributing dividend or similar distribution.
Full text of South Carolina South Carolina Code of Laws § 37-11-95 — Approval required prior to declaring or distributing dividend or similar distribution., with citation guidance and answers to common questions.
§ 37-11-95. Approval required prior to declaring or distributing dividend or similar distribution.
(A) An operator shall obtain approval from the department before declaring or distributing a dividend or similar distribution which generates a retained deficit or increases an existing retained deficit.
(B) The department's approval required under subsection (A) must be given within thirty days from the date of the request unless the department determines in writing that the distribution is not reasonable in relation to the operator's or facility's outstanding liabilities or would otherwise affect the financial soundness of the operator or the facility.
HISTORY: 1995 Act No. 19, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 37-11-95
What does South Carolina Code of Laws § 37-11-95 cover?
Section 37-11-95 ("Approval required prior to declaring or distributing dividend or similar distribution.") 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 § 37-11-95?
A common citation format is "South Carolina Code of Laws § 37-11-95" (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 § 37-11-95 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.