A state savings bank may not accept its own capital stock, or that of its holding company, or its own mutual capital certificates as security for loans made by the state savings bank.
S.C. Code Ann. § 34-30-1230
Acceptance of own capital stock or mutual capital certificates as security prohibited
1997 Act No. 90, SECTION 1, eff June 10, 1997.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.