"Preferred stock" defined.

S.C. Code Ann. § 35-2-212

in effect

As used in this article, "preferred stock" means any class or series of shares of a resident domestic corporation that under the bylaws or articles of incorporation of the resident domestic corporation: (1) is entitled to receive payment of dividends before any payment of dividends on some other class or series of shares; or (2) is entitled in the event of any voluntary liquidation, dissolution, or winding up of the corporation to receive payment or distribution of a preferential amount before any payments or distributions are received by some other class or series of shares.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.scstatehouse.gov/code/t35c002.phpFetched: 10/17/2026