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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 34-9-20. Additional ten per cent of capital shall be paid in.
Universal Citation: SC Code § 34-9-20 (2017)
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 per cent 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.
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.
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