South Carolina Statutes
§ 33-37-1080 — Discontinuance of participation by participating financial institution.
South Carolina § 33-37-1080
JurisdictionSouth Carolina
Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS
Ch. 37BUSINESS DEVELOPMENT CORPORATIONS
This text of South Carolina § 33-37-1080 (Discontinuance of participation by participating financial institution.) 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. § 33-37-1080 (2026).
Text
If a participating financial institution that elects to discontinue its participation in the CAP has funds on deposit in the loss reserve account, the funds must be forfeited by the institution to the state fund and used in the CAP as loss reserves as provided in this article.
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Legislative History
HISTORY: 2005 Act No. 157, SECTION 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015. Effect of Amendment 2015 Act No. 60, SECTION 1, reenacted this section with no change.
Nearby Sections
15
§ 33-37-10
Definitions.§ 33-37-1010
Definitions.§ 33-37-1020
Establishment of program; loan loss reserve.§ 33-37-1090
Audits and annual reports.§ 33-37-1100
Dissolution of loss reserve fund.§ 33-37-20
Deposit of funds.§ 33-37-210
Filing declaration of charter; contents.Cite This Page — Counsel Stack
Bluebook (online)
South Carolina § 33-37-1080, Counsel Stack Legal Research, https://law.counselstack.com/statute/sc/37/33-37-1080.