South Carolina § 34-9-10 Amount of capital to be paid in United States currency.

South Carolina Statutes

§ 34-9-10 — Amount of capital to be paid in United States currency.

South Carolina § 34-9-10

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 9BANK CAPITAL AND CAPITAL STOCK

This text of South Carolina § 34-9-10 (Amount of capital to be paid in United States currency.) 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. § 34-9-10 (2026).

Text

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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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.

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.