South Carolina § 34-3-40 Shares of stock requisite for eligibility as bank director.

South Carolina Statutes

§ 34-3-40 — Shares of stock requisite for eligibility as bank director.

South Carolina § 34-3-40

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 3BANKS AND BANKING GENERALLY

This text of South Carolina § 34-3-40 (Shares of stock requisite for eligibility as bank director.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 34-3-40 (2026).

Text

No stockholder in a corporation organized under the laws of this State for banking purposes is eligible for election as a director who is not the owner of unencumbered and unpledged shares of stock in the corporation having an aggregate par value of at least five hundred dollars or having an aggregate book value as of December thirty-first of the most recent year of at least five hundred dollars. Where the banking corporation is a wholly-owned subsidiary, the required qualifying shares must be shares in the parent corporation.

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No stockholder in a corporation organized under the laws of this State for banking purposes is eligible for election as a director who is not the owner of unencumbered and unpledged shares of stock in the corporation having an aggregate par value of at least five hundred dollars or having an aggregate book value as of December thirty-first of the most recent year of at least five hundred dollars. Where the banking corporation is a wholly-owned subsidiary, the required qualifying shares must be shares in the parent corporation.

Legislative History

HISTORY: 1962 Code SECTION 8-103.1; 1952 Code SECTION 8-103.1; 1942 Code SECTION 7748; 1932 Code SECTION 7748; Civ. C. '22 SECTION 4322; Civ. C. '12 SECTION 2853; Civ. C. '02 SECTION 1896; 1896 (22) 99; 1926 (34) 1729; 1969 (56) 299; 1988 Act No. 533, eff May 18, 1988. Effect of Amendment The 1988 amendment made grammatical changes and added language relating to aggregate book value.