No bank may be organized as a banking corporation or company under the laws of this State unless there has been first paid in United States currency the full subscription price of so much of the authorized capital stock as required by the State Board of Financial Institutions. Notes of stockholders, and other notes and mortgages on property, real, personal or mixed, may not be considered and accepted as cash in payment for shares of capital stock of any such bank.
HISTORY: 1962 Code Section 8-141; 1952 Code Section 8-141; 1942 Code Section 7831; 1932 Code Section 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484; 1973 (58) 672; 2021 Act No. 30 (S.467), Section 10, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 10, rewrote the section.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 9 - Bank Capital And Capital Stock
Section 34-9-10. Amount of capital to be paid in United States currency.
Section 34-9-20. Additional ten percent of capital must be paid in.
Section 34-9-40. Minimum capital requirements.
Section 34-9-60. Paid-in capital must meet Federal Deposit Insurance Fund requirements.
Section 34-9-90. Preferred stock shall be included in capital.
Section 34-9-100. Issuance of capital notes or debentures.
Section 34-9-110. Capital notes and debentures shall be included in capital.
Section 34-9-120. Prerequisite of retirement of capital notes and debentures.