South Carolina § 58-15-50 - Manner in which subscriptions shall be payable; action against subscriber for failure to perform.
Full text of South Carolina South Carolina Code of Laws § 58-15-50 — Manner in which subscriptions shall be payable; action against subscriber for failure to perform., with citation guidance and answers to common questions.
§ 58-15-50. Manner in which subscriptions shall be payable; action against subscriber for failure to perform.
All subscriptions to the capital stock of any corporation organized under this chapter shall be payable in money or in labor or in property at its money value. The labor or the property, or the value thereof, shall be named in the list of subscription, to be approved by the board of incorporators. In the case of a failure to perform the labor or to deliver the property subscribed according to the terms of subscription, or pay the true money value thereof, the board of incorporators, in behalf of the corporation, or the corporation itself after it shall have been organized, shall have a cause of action against such subscribers as in case of other subscriptions to the capital stock of corporations as provided by law.
HISTORY: 1962 Code SECTION 58-656; 1952 Code SECTION 58-656; 1942 Code SECTION 8181; 1932 Code SECTION 8181; Civ. C. '22 SECTION 4361; Civ. C. '12 SECTION 2875; Civ. C. '02 SECTION 1919; 1899 (23) 64.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 58-15-50
What does South Carolina Code of Laws § 58-15-50 cover?
Section 58-15-50 ("Manner in which subscriptions shall be payable; action against subscriber for failure to perform.") 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 § 58-15-50?
A common citation format is "South Carolina Code of Laws § 58-15-50" (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 § 58-15-50 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.