South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE
Section 15-25 - Purchase of Property for Future Expansion

After prior approval of the Board of Financial Institutions, State chartered banks and State chartered savings and loan associations may purchase property for future expansion, provided that if the property is not used for the purpose for which it was purchased within five years from date of purchase, the financial institution shall charge off 25% of the cost price of the property before the end of the fifth year from date of purchase and continue such annual 25% charge-off program for the next successive three years so that at the end of eight years from date of purchase the property will be charged down to a book value of $1.

Statutory Authority: 1976 Code Section 34-1-60