South Carolina § 33-37-20 Deposit of funds.

South Carolina Statutes

§ 33-37-20 — Deposit of funds.

South Carolina § 33-37-20

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 37BUSINESS DEVELOPMENT CORPORATIONS

This text of South Carolina § 33-37-20 (Deposit of funds.) 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. § 33-37-20 (2026).

Text

The corporation shall not deposit any of its funds in any banking institution unless the institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated.

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Legislative History

HISTORY: 1962 Code SECTION 12-1102; 1958 (50) 1886; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015. Effect of Amendment 2015 Act No. 60, SECTION 1, substituted "unless the institution" for "unless such institution". SECTIONS 33-37-30, 33-37-40. Reserved. HISTORY: Former 33-37-30, titled Corporation shall not accept deposits, had the following history: 1962 Code SECTION 12-1103; 1958 (50) 1886. Reserved by 2015 Act No. 60, SECTION 1, eff June 4, 2015. HISTORY: Former 33-37-40, titled Establishment and maintenance of surplus, had the following history: 1962 Code SECTION 12-1104; 1958 (50) 1886. Reserved by 2015 Act No. 60, SECTION 1, eff June 4, 2015.