There is a newer version
of
this Section
2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 13 - BANK LOANS AND INVESTMENTS
Section 34-13-140. Restrictions on loan on or purchase of bank's own stock.
Universal Citation: SC Code § 34-13-140 (2017)
It shall be unlawful for any banking association to make any loan or discount on the security of the shares of its own capital stock or to be the purchaser or holder of any such shares unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith.
HISTORY: 1962 Code Section 8-235; 1952 Code Section 8-235; 1942 Code Section 7860; 1932 Code Section 7873; 1930 (36) 1093.
Disclaimer: These codes may not be the most recent version. South Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
