South Carolina § 34-9-20 Additional ten percent of capital must be paid in.

South Carolina Statutes

§ 34-9-20 — Additional ten percent of capital must be paid in.

South Carolina § 34-9-20

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 9BANK CAPITAL AND CAPITAL STOCK

This text of South Carolina § 34-9-20 (Additional ten percent of capital must be paid in.) 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. § 34-9-20 (2026).

Text

In addition to full payment for the capital stock proposed to be issued, the applicants for a charter for a banking corporation or company shall furnish satisfactory evidence to the State Board of Bank Control that an additional sum of ten percent of the proposed capital of the bank is in hand and available for the purpose of defraying all organization expenses. The fees to be collected by the State shall be included within the meaning of the term organization expenses.

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In addition to full payment for the capital stock proposed to be issued, the applicants for a charter for a banking corporation or company shall furnish satisfactory evidence to the State Board of Bank Control that an additional sum of ten percent of the proposed capital of the bank is in hand and available for the purpose of defraying all organization expenses. The fees to be collected by the State shall be included within the meaning of the term organization expenses.

Legislative History

HISTORY: 1962 Code SECTION 8-142; 1952 Code SECTION 8-142; 1942 Code SECTION 7831; 1932 Code SECTION 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484.