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Can you summarize 34 SCCL Chapter 9?
Banking, Financial Institutions and Money > BANK CAPITAL AND CAPITAL STOCK
Short Summary
The provided legal document content pertains to the regulation of bank capital and capital stock in the state of South Carolina. It outlines various requirements and provisions related to the capitalization of banking institutions. The document states that the term ‘capital’ includes outstanding capital notes and debentures issued by banking institutions. It further explains that the capital stock of a banking institution is considered unimpaired when the amount of capital notes and debentures represented by cash or sound assets exceeds the impairment determined by the Commissioner of Banking. The document also allows banking institutions to issue and sell capital notes or debentures with the approval of the Commissioner of Banking, subject to certain conditions. Additionally, it specifies that applicants for a banking charter must provide evidence of an additional sum of ten percent of the proposed capital for defraying organization expenses. The document also addresses the maintenance of reserves against deposits by state banks, the nonpayment of stock subscriptions, the retirement of capital notes or debentures, and the payment of the full subscription price of capital stock in United States currency. It emphasizes that stockholders’ notes, other notes, and mortgages cannot be considered as cash for payment of capital stock. Furthermore, the document mentions the minimum capital requirements for banking companies or corporations, the certification of paid-in capital for membership in the Federal Deposit Insurance Fund, and the inclusion of preferred stock in determining compliance with minimum capital stock requirements. Overall, these documents apply to banking institutions in South Carolina and provide guidelines and regulations related to bank capital and capital stock.
Whom does it apply to?
Banking institutions in the state of South Carolina
What does it govern?
Bank capital and capital stock
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
South Carolina