Every such banking corporation may accept drafts or bills of exchange drawn upon it having not more than six months' sight to run, exclusive of grace, which (a) grow out of transactions involving the importation or exportation of goods or the domestic shipment of goods, provided shipping documents conveying or securing title are attached at the time of acceptance, or (b) are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples. No such banking corporation shall accept, whether in a foreign or domestic transaction, for any one person an amount equal at any one time in the aggregate to more than ten per cent of its paid-up and unimpaired capital stock and surplus, unless the banking corporation is secured either by attached documents or by some other actual security arising out of the same transaction as the acceptance. And no banking corporation shall accept such bills to an amount equal at any time in the aggregate to more than one half of its paid-up and unimpaired capital stock and surplus. But the Commissioner of Banking, under such general regulations as he may prescribe which shall apply to all banking corporations alike regardless of the amount of capital stock and surplus, may authorize any banking corporation to accept such bills to an amount not exceeding at any time in the aggregate one hundred per cent of its paid-up and unimpaired capital stock and surplus.
HISTORY: 1962 Code Section 8-132; 1952 Code Section 8-132; 1942 Code Section 7843; 1932 Code Section 7862; Civ. C. '22 Section 3992; Civ. C. '12 Section 2654; Civ. C. '02 Section 1774; R. S. 1538; 1887 (19) 860; 1913 (28) 37; 1919 (31) 41.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 3 - Banks And Banking Generally
Section 34-3-10. Use of "bank" or "banking" by other than banking institutions.
Section 34-3-20. Provisions not applicable to national banks.
Section 34-3-30. Certain parts of bank charters repealed.
Section 34-3-40. Shares of stock requisite for eligibility as bank director.
Section 34-3-50. Officers and employees must be bonded.
Section 34-3-65. Opening of deposit accounts at special events; conditions.
Section 34-3-70. False statements concerning solvency of bank.
Section 34-3-100. Transaction of business in State by foreign bank.
Section 34-3-110. Crimes against a federally chartered or insured financial institution.
Section 34-3-210. General powers of banking corporation.
Section 34-3-220. Acceptance of drafts and bills of exchange.
Section 34-3-230. Directors may make and change bylaws.
Section 34-3-240. Other powers of directors.
Section 34-3-250. Association with national reserve association.
Section 34-3-260. Transaction of business by wholly-owned subsidiary of state bank or trust company.
Section 34-3-310. Examination of banks.
Section 34-3-320. Examination fees; number of examinations annually.
Section 34-3-330. Federal examinations.
Section 34-3-340. Reports and examinations by Federal Deposit Insurance Corporation.
Section 34-3-350. Directors shall review reports of examinations.
Section 34-3-360. Form of notice to chief executive.
Section 34-3-370. Form of report to Commissioner of Banking.
Section 34-3-380. Report of condition.
Section 34-3-420. Statement shall be sent to Board; failure to report.
Section 34-3-510. Records must be retained.
Section 34-3-520. Regulations classifying records.
Section 34-3-530. Destruction of records.
Section 34-3-540. Copies and reproductions of bank records; admissibility in evidence.
Section 34-3-550. Application of article.
Section 34-3-610. "Banking institution" defined.
Section 34-3-620. Relationship with Federal Deposit Insurance Corporation generally.
Section 34-3-630. Federal Deposit Insurance Corporation as receiver or liquidator.
Section 34-3-810. National bank may become state bank; procedure.
Section 34-3-820. Time corporate existence as state bank commences.
Section 34-3-830. Transfer of assets, property, and rights of national or state bank.
Section 34-3-840. Directors and organization.
Section 34-3-850. Consolidation or merger of banks and trust companies.