Every banking company or corporation hereafter organized shall have a minimum capital in the amount required by the State Board of Financial Institutions. In determining the minimum amount the State Board of Financial Institutions shall give due consideration to the location of the proposed bank, the proposed bank's business plan, and the economic environment in which the proposed bank will operate.
HISTORY: 1962 Code Section 8-144; 1952 Code Section 8-144; 1942 Code Section 7831; 1932 Code Section 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484; 2021 Act No. 30 (S.467), Section 11, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 11, 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.