reglab/housing_qa huggingface dataset:
SC Code § 34-26-400 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-400. Particular powers of cooperative credit union; loans to other credit unions.

 A cooperative credit union may receive the savings of its members in payment for shares, may lend to its members at reasonable rates of interest, not to exceed the rate authorized by law, or may invest, as provided by law, the funds so accumulated, may borrow from banks, savings and loan associations, trust companies, or other credit unions, or persons, and loan such money to its members, and may undertake such other activities authorized by law, provided that any credit union may loan money to any other credit union at such rate as the parties to the loan may agree.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-410 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-410. Additional powers of credit union.

 In addition to the powers mentioned elsewhere in this chapter, a credit union may:  (1) enter into contracts of any nature;  (2) sue and be sued;  (3) adopt, use, and display a corporate seal;  (4) acquire, lease, hold, assign, pledge, hypothecate, sell, discount, or otherwise dispose of property or assets, either in whole or part, necessary or incidental to its operations;  (5) borrow from any source, provided that a credit union must receive the commissioner's approval to borrow in excess of an aggregate of twenty-five percent of its capital and deposits;  (6) purchase the assets of another credit union upon approval of the commissioner;  (7) offer related financial services including, but not limited to, electronic fund transfers, safe deposit boxes, leasing, and correspondent arrangements with other financial institutions;  (8) hold membership in other credit unions organized under this or other provisions of law, and in associations and organizations controlled by or fostering the interests of credit unions, including a central liquidity facility organized under state or federal law;  (9) act as fiscal agent for and receive payments on share and deposit accounts from a governmental unit;  (10) make contributions to any nonprofit civic, charitable, or service organizations;  (11) purchase, sell, and hold investment securities which are marketable obligations in the form of bonds, notes, or debentures which are salable under ordinary circumstances with reasonable promptness at a fair value; and  (12) sell, to persons in the field of membership, negotiable checks, including traveler's checks, money orders, and other similar money transfer instruments, including international and domestic electronic fund transfers and remittance transfers and cash checks and money orders for persons in the field of membership for a fee.  All investments and related contracts and agreements shall be made in accordance with written investment policies established by the board of directors.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2018 Act No. 186 (S.337), Section 1, eff May 15, 2018.  Effect of Amendment  2018 Act No. 186, Section 1, added (12), providing that a credit union may sell certain financial instruments to persons in the field of membership.
SC Code § 34-26-420 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-420. Powers incidental to purpose of credit union; limitations.

 A credit union may exercise incidental powers to enable it to carry out its purposes. However, the powers granted by state law or regulation to a state-chartered credit union shall not exceed those provided by federal law to a federally chartered credit union.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2007 Act No. 51, Section 3, eff upon approval (became law without the Governor's signature on June 7, 2007).  Effect of Amendment  The 2007 amendment at the end of the second sentence substituted "to a federally chartered credit union" for "or regulation".
SC Code § 34-26-510 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-510. Organizations eligible for credit union membership.

 Organizations comprised entirely of individuals who are eligible for membership in the credit union may be admitted to membership. Likewise, organizations, one of whose principal functions is to provide services to persons who are eligible for membership in the credit union, may be admitted to membership. Other organizations having a commonality of interest with the credit union may be admitted to membership with the approval of the commissioner.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-520 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-520. Eligibility of other credit unions.

 Any credit union organized under this chapter may accept as a member any other credit union organized under this or any other provision of law.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-530 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-530. Application for membership; appeal of membership denial.

 Persons wishing to join a credit union must do so by written application which shall be acted upon in accordance with credit union procedure. A person denied membership may appeal the denial to the credit union board.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2021 Act No. 30 (S.467), Section 15, eff May 6, 2021.  Effect of Amendment  2021 Act No. 30, Section 15, deleted the first sentence, which related to the board of directors acting upon applications for membership, and in the second sentence, deleted "by a membership officer" following "A person denied membership".
SC Code § 34-26-540 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-540. Retention of membership.

 Members who cease to be eligible for membership may be permitted to retain their membership in the credit union, under reasonable standards established by the board of directors.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-550 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-550. Member liability for credit union debt.

 The members of the credit union shall not be personally or individually liable for the payment of the credit union's debts solely by virtue of holding membership.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-560 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-560. Expulsion; request for hearing.

 The board of directors may expel a member pursuant to a written policy adopted by it. Any person expelled by the board shall have the right to request a hearing before it to reconsider the expulsion.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-570 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-570. Annual and other meetings of credit union membership.

 (1) The annual meeting and any special meetings of the members of the credit union shall be held in accordance with the bylaws.  (2) At all such meetings all natural members shall have one vote, irrespective of the member's share holdings. No member may vote by proxy, but a member may vote by absentee ballot, mail, or other method if the bylaws of the credit union so provide. Accounts held by organizations must be considered nonvoting members.  (3) The board of directors may establish a minimum age, not greater than eighteen years of age, as a qualification of eligibility to vote at meetings of the members or to hold office, or both.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-580 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-580. Special meetings; grounds and proceedings.

 (1) The supervisory committee by a majority vote may call a special meeting of the members to consider any violation of this chapter, the credit union's articles of incorporation or bylaws, or any practice of the credit union deemed by the supervisory committee to be unsafe or unauthorized.  (2) The bylaws may also prescribe the manner in which a special meeting of the members may be called by the members or by the board of directors, or both.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-600 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-600. Authority of board of directors.

 The board of directors shall have the authority and responsibility for the oversight of the management of the business affairs, funds, and records of the credit union. The authority to direct shall be exercised by the board as a group and not individually.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-605 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-605. Membership of board; term of office; board appointment of credit committee.

 (1) The board shall consist of an odd number of directors, at least five in number, to be elected by and from the members. Elections shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the board shall hold office for such terms as the bylaws provide, except that terms shall be staggered so that an approximately equal number expire each year.  (2) At an organization meeting to be held within thirty days following each annual election, if it is stipulated in the bylaws, the board of directors shall appoint a credit committee that consists of an odd number, not less than three, whose terms are as the bylaws provide. The bylaws may offer the option of using loan officers instead of having a credit committee.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2007 Act No. 51, Section 5, eff upon approval (became law without the Governor's signature on June 7, 2007).  Effect of Amendment  The 2007 amendment, in subsection (2), in the first sentence added "if it is stipulated in the bylaws," and added the second sentence relating to the option of using loan officers.
SC Code § 34-26-610 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-610. Filing of record of names and addresses of membership.

 Within thirty days after the organizational meeting, a record of the names and addresses of the members of the board and such other committees and officials, as required, shall be filed with the commissioner.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-615 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-615. Board vacancies; credit and supervisory committee vacancies.

 The board of directors shall fill any vacancies occurring in the board until successors elected at the next annual election have qualified. The board shall also fill vacancies in the credit and supervisory committees.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-620 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-620. Prohibition against compensation for services; accident insurance; expenses.

 No officer, director, or committee member, other than an employee, may be compensated for services. However, providing reasonable accident insurance protection while on credit union business shall not be considered compensation. Directors, officers, and committee members may be reimbursed for expenses incidental to the performance of official business of the credit union.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-625 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-625. Conflicts of interest; limitation on persons with pecuniary interest.

 No director, committee member, officer, agent, or employee of the credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting that person's pecuniary interest or the pecuniary interest of any partnership, or association, other than the credit union, in which that person is directly or indirectly interested.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-630 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-630. Election of officers.

 (1) At their organization meeting held within thirty days following each annual election, the board of directors shall elect from their own number a chairman of the board, one or more vice chairmen, a secretary, and a treasurer. The offices of secretary and treasurer may be combined. They shall also elect any other officers that are specified in the bylaws.  (2) The terms of the board officers shall be one year, or until their successors are chosen and have been duly qualified.  (3) The duties of the officers shall be prescribed in the bylaws.  (4) The board of directors shall appoint a president to act as the chief executive officer of the credit union and who will manage its operations.  (5) Notwithstanding any other provision of this act, a credit union may use any titles it chooses for the officials holding the positions described in this article, as long as such titles are not misleading.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-635 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-635. Appointment of executive committee.

 The board of directors may appoint from its own number an executive committee, consisting of not less than three directors, which may be authorized to perform specific actions for the board, subject to confirmation.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-640 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-640. Meetings of board; frequency of meetings.

 (A) The board of directors shall meet as often as necessary and at least quarterly.  (B) Unless the bylaws provide otherwise, one regular meeting each calendar year must be conducted in person. If a quorum is present in person for the annual in person meeting, then the remaining board members may participate using audio or video teleconference methods. The other regular meetings may be conducted using audio or video teleconference methods.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2018 Act No. 186 (S.337), Section 3, eff May 15, 2018; 2021 Act No. 30 (S.467), Section 16, eff May 6, 2021.  Effect of Amendment  2018 Act No. 186, Section 3, inserted the (A) designator and added (B), relating to meeting requirements.  2021 Act No. 30, Section 16, in (A), substituted "as often as necessary and at least quarterly" for "at least monthly and at other times as is necessary".
SC Code § 34-26-645 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-645. Duties of board.

 In addition to the duties found elsewhere in this chapter, it also shall be the duty of the board of directors to:  (1) purchase adequate fidelity coverage for all employees and review such coverage annually with notations in board minutes;  (2) employ and establish the compensation of the president, chief executive officer, or manager who shall hire such other persons necessary to carry on the business of the credit union;  (3) approve an annual operating budget for the credit union;  (4) authorize the conveyance of property;  (5) borrow or lend money to carry on the functions of the credit union;  (6) appoint any special committees deemed necessary;  (7) determine the rate of interest which shall be charged on loans;  (8) declare dividends if it first determines that the credit union's financial condition warrants this;  (9) declare an interest refund to borrowers at the close of each accounting period if it first determines that the credit union's financial condition warrants this;  (10) approve amendments to the bylaws;  (11) determine the amount of entrance fees, the maximum and minimum number of shares, the par value of shares of capital stock, which may be held by, and the maximum amount which may be lent to, any one member;  (12) determine the amount of fines and service charges, if any;  (13) establish titles for all elected officers; and  (14) perform such other duties it may deem appropriate and authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2021 Act No. 30 (S.467), Section 17, eff May 6, 2021.  Effect of Amendment  2021 Act No. 30, Section 17, in (13), substituted "elected officers" for "elected officers and senior management positions".
SC Code § 34-26-650 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-650. Credit committee supervision of member loans.

 (1) The credit committee shall have the general supervision of all loans to members. It may approve or disapprove loans, subject to written policies established by the board of directors.  (2) The credit committee shall meet as often as the business of the credit union requires to consider applications for loans or review the work of the loan officers. No loan shall be made unless it is approved by a majority of the committee who are present at the meeting at which the application is considered.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-655 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-655. Appointment of credit committee loan officers.

 The credit committee may appoint one or more loan officers and delegate the power to approve or disapprove loans, subject to such limitations or conditions as it may prescribe.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-660 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-660. Purpose and composition of credit union supervisory committee; term of office.

 (1) Each credit union shall have a supervisory committee. The supervisory committee shall make or cause to be made an annual audit of the credit union and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union. The supervisory committee shall make or cause to be made such supplementary audits, examinations, and verifications of members' accounts as it deems necessary or as are required by the board or by the board of directors, and submit a report of these supplementary audits to the board of directors. It may investigate questions regarding the financial affairs of the credit union, and may by unanimous vote suspend any officer of the credit union or any member of the credit committee or the board of directors whom it might believe or suspect is failing to properly handle the credit union's financial affairs.  (2) The supervisory committee shall consist of three members to be elected by and from the membership. Elections shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the supervisory committee shall hold office for such terms as the bylaws provide.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-665 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-665. Suspension of member; supervisory committee report to board.

 (1) The supervisory committee shall report any suspension of a credit committee member to the board of directors. The board shall meet not less than seven nor more than twenty-one days after such suspension to take appropriate final actions. The suspended person shall have the right to appear and be heard at the meeting.  (2) Upon any suspension of any officer or board member, a membership meeting shall be called not less than seven nor more than twenty-one days after such suspension. At such meeting the suspended person shall have the right to appear and be heard. The suspension shall be acted upon by the members and it shall be affirmed or reversed.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-670 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-670. Suspension or removal of supervisory committee member.

 Any member of the supervisory committee may be suspended or removed for failure to perform duties in accordance with this chapter, the articles of incorporation, or the bylaws by the board of directors by a two-thirds vote of those present at a meeting. The committee member shall have the appeal rights outlined in Section 34-26-665(2).  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-700 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-700. Share accounts; par value; pledged shares.

 (1) Share accounts shall be subscribed to and paid for in such manner and amounts as the bylaws prescribe.  (2) The par value of shares shall be as prescribed in the bylaws.  (3) Shares may be pledged as security on any loan.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-710 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-710. Dividends.

 (1) At such intervals and for such periods as the board of directors may authorize, and after provision for the required reserves, the board of directors may declare dividends to be paid on share accounts from the current earnings. Any dividends paid from the undivided earnings account must have prior approval of the commissioner.  (2) Dividends may be paid at various rates with due regard to the conditions that pertain to each type of account such as minimum balance, notice, and time requirements.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-720 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-720. Deposits.

 A credit union may accept deposits from members, other credit unions, and governmental units subject to the terms, rates, and conditions established by the board of directors.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.