In addition to all other requirements, no bank or banking institution of any nature shall be granted a charter by the Secretary of State unless and until the State Board of Bank Control has certified that the paid-in capital of such bank or banking institution is sufficient to qualify such bank or banking institution for membership in the Federal Deposit Insurance Fund.
S.C. Code Ann. § 34-9-60
Paid-in capital must meet Federal Deposit Insurance Fund requirements
1962 Code SECTION 8-146; 1952 Code SECTION 8-146; 1942 Code SECTION 7833; 1939 (41) 216; 1940 (41) 1774.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.