2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 9 - BANK CAPITAL AND CAPITAL STOCK
Section 34-9-40. Minimum capital stock requirements.
Every banking company or corporation hereafter organized shall have a minimum capital stock as follows:
(1) In cities, towns and unincorporated communities having a population of three thousand or less a minimum of twenty-five thousand dollars;
(2) In cities, towns and unincorporated communities having a population of over three thousand and less than ten thousand a minimum of fifty thousand dollars; and
(3) In cities having a population of more than ten thousand a minimum of one hundred thousand dollars.
In determining the population for the purposes of this section the most recent Federal census will be considered as furnishing the official figures. If the bank is to be located outside of an incorporated area, the population within a radius of three miles, exclusive of any incorporated area therein, shall be considered. If the bank is to be located within an incorporated area, the population of any village or settlement or thickly inhabited area immediately adjacent to or not more than two miles distant from the incorporated limits of the town or city wherein the bank is proposed to be located shall be considered in counting the population under the terms of this section.
HISTORY: 1962 Code Section 8-144; 1952 Code Section 8-144; 1942 Code Section 7831; 1932 Code Section 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484.
