Notwithstanding any provision of Title 34 of the 1976 Code, a banker's bank may repurchase, for its own account, shares of its own capital stock, but the outstanding capital stock may not be reduced below the minimum required by law without the prior approval of the State Board of Financial Institutions.
HISTORY: 1985 Act No. 46 Section 4.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Section 34-33-10. "Banker's bank" defined.
Section 34-33-20. Formation of corporation.
Section 34-33-30. Applicability of banking laws and regulations.
Section 34-33-40. Repurchase of capital stock.
Section 34-33-50. Exemption from banking laws.
Section 34-33-60. Limitation on investments in banker's banks.