In addition to all other requirements, no bank or banking institution of any nature shall be granted a charter by the Secretary of State unless and until the State Board of Bank Control has certified that the paid-in capital of such bank or banking institution is sufficient to qualify such bank or banking institution for membership in the Federal Deposit Insurance Fund.
HISTORY: 1962 Code Section 8-146; 1952 Code Section 8-146; 1942 Code Section 7833; 1939 (41) 216; 1940 (41) 1774.
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.