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2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 9 - BANK CAPITAL AND CAPITAL STOCK
Section 34-9-120. Prerequisite of retirement of capital notes and debentures.
Universal Citation: SC Code § 34-9-120 (2017)
Before any such capital notes or debentures are retired or paid by the bank any existing deficiency of its capital, disregarding the notes or debentures to be retired, must be paid in cash, to the end that the sound capital assets shall at least equal the capital stock of the bank.
HISTORY: 1962 Code Section 8-153; 1952 Code Section 8-153; 1942 Code Section 7836; 1935 (39) 464.
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