South Carolina Statutes
§ 34-9-10 — Amount of capital to be paid in United States currency.
South Carolina·Title 34 BANKING, FINANCIAL INSTITUTIONS AND MONEY·Ch. 9 BANK CAPITAL AND CAPITAL STOCK
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. Notes of stockholders, and other notes and mortgages on property, real, personal or mixed, may not be considered and accepted as cash in payment for shares of capital stock of any such bank.
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South Carolina § 34-9-10 (Amount of capital to be paid in United States currency.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 8-141; 1952 Code SECTION 8-141; 1942 Code SECTION 7831; 1932 Code SECTION 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484; 1973 (58) 672; 2021 Act No. 30 (S.467), SECTION 10, eff May 6, 2021. Effect of Amendment 2021 Act No. 30, SECTION 10, rewrote the section.
Nearby Sections
12
§ 34-9-100
Issuance of capital notes or debentures.§ 34-9-130
Reserve requirements of state banks.§ 34-9-40
Minimum capital requirements.§ 34-9-70
Repealed.§ 34-9-80
Repealed.