S.C. Code Ann. § 58-11-150: Restrictions on capitalization for rate-making purposes.

No radio common carrier for rate-making purposes shall capitalize its franchises, rights, powers, privileges, or right to own and operate or enjoy any such franchise, rights, powers, or privileges in excess of the amount paid to the State or to any political subdivision of the State as the consideration for the grant thereof; or to capitalize any lease, or contract of sale or contract for consolidation or merger of two or more radio common carriers; or issue by way of substitution any capital stock, trust certificates, bonds, notes, or other evidences of indebtedness, or other securities for any consolidated or merged company exceeding the aggregate value of the properties so consolidated or merged and any additional property or labor actually contributed in cash, and any additional property or labor actually contributed; provided, that the determination of such consideration or value as aforesaid shall be subject to the approval of the Commission.