Any preferred stock lawfully issued by a banking institution organized under the laws of this State shall be included in determining whether such banking institution has complied with the minimum capital stock requirements provided by law for banking institutions in this State.
S.C. Code Ann. § 34-9-90
Preferred stock shall be included in capital
1962 Code SECTION 8-150; 1952 Code SECTION 8-150; 1942 Code SECTION 7835; 1935 (39) 493.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.