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.
S.C. Code Ann. § 34-9-120
Prerequisite of retirement of capital notes and debentures
1962 Code SECTION 8-153; 1952 Code SECTION 8-153; 1942 Code SECTION 7836; 1935 (39) 464.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.