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27 chapters · 549 sections in this title.
S.C. Code Ann. § 34-9-10 Amount of capital to be paid in United States currency
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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. No…
S.C. Code Ann. § 34-9-100 Issuance of capital notes or debentures
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With the approval of the Commissioner of Banking any banking institution may at any time, through action of its board of directors and without requiring any action of its stockholders, issue and sell its capital notes or debentures. Such capital notes or debentures shall be subor…
S.C. Code Ann. § 34-9-110 Capital notes and debentures shall be included in capital
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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 unimpaire…
S.C. Code Ann. § 34-9-120 Prerequisite of retirement of capital notes and debentures
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Before any such capital notes or debentures are retired or paid by the bank any existing deficiency of its capital, disregarding the notes or debentures to be retired, must be paid in cash, to the end that the sound capital assets shall at least equal the capital stock of the ban…
