South Carolina § 33-37-10 - Definitions.
Full text of South Carolina South Carolina Code of Laws § 33-37-10 — Definitions., with citation guidance and answers to common questions.
§ 33-37-10. Definitions.
As used in this chapter:
(1) "Corporation" means a South Carolina business development corporation created pursuant to this chapter.
(2) "Area of operations" means the entirety of the areas that comprise Federal Reserve Districts Five and Six as the geographic area in which the corporation is authorized to transact business pursuant to this chapter.
(3) "Financial institution" means any banking corporation or trust company, building and loan association, insurance company or related corporation, partnership, foundation, federal or state agency, or other institution engaged primarily in lending or investing funds including, without limitation, the Small Business Administration, an agency of the United States Government.
(4) "Member" means a financial institution authorized to do business in this State which undertakes to lend money to a corporation created pursuant to this chapter, upon its call and as provided by this chapter.
(5) "Board of directors" means the board of directors of the corporation created pursuant to this chapter.
(6) "Loan call" means the right of the corporation to call for loans by the members to the corporation as provided in Section 33-37-460 of this chapter.
(7) "Loan call agreement" means the loan agreement between the corporation and its members describing the terms, conditions, and loan limits of the corporation's right to make loan calls to its members.
(8) "Loan limit" means, for a member, the maximum amount subject to loan call at any one time by the corporation to the member as provided in the loan call agreement.
HISTORY: 1962 Code SECTION 12-1101; 1958 (50) 1886; 1960 (51) 1937; 2000 Act No. 234, SECTION 1; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, SECTION 1, added (2), definition of "Area of operations", and redesignated the paragraphs accordingly.
Frequently Asked Questions About South Carolina § 33-37-10
What does South Carolina Code of Laws § 33-37-10 cover?
Section 33-37-10 ("Definitions.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 33-37-10?
A common citation format is "South Carolina Code of Laws § 33-37-10" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 33-37-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.