Prerequisite of retirement of capital notes and debentures.

S.C. Code Ann. § 34-9-120
in effect
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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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.scstatehouse.gov/code/t34c009.phpFetched: 10/17/2026

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