The term "capital" as used in the laws of this State relating to banking shall be construed to embrace the amount of outstanding capital notes and debentures legally issued by any banking institution. The capital stock of any such banking institution may be deemed to be unimpaired when the amount of such capital notes and debentures as represented by cash or sound assets exceed the impairment as found by the Commissioner of Banking.
HISTORY: 1962 Code Section 8-152; 1952 Code Section 8-152; 1942 Code Section 7836; 1935 (39) 464; 1964 (53) 2058.
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.