reglab/housing_qa huggingface dataset:
SC Code § 34-6-50 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act|Section 34-6-50. Delegation of management and investment functions.

 (A) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:  (1) selecting an agent;  (2) establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and  (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.  (B) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.  (C) An institution that complies with subsection (A) is not liable for the decisions or actions of an agent to which the function was delegated.  (D) By accepting delegation of a management or investment function from an institution that is subject to the laws of this State, an agent submits to the jurisdiction of the courts of this State in all proceedings arising from or related to the delegation or the performance of the delegated function.  (E) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this State other than this chapter.  HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.  Effect of Amendment  The 2008 amendment rewrote the section.
SC Code § 34-6-60 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act|Section 34-6-60. Release or modification of restrictions on management, investment, or purpose.

 (A) If the donor consent is in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.  (B) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purpose of the fund. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. To the extent practicable, any modifications must be made in accordance with the donor's probable intention.  (C) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard.  (D) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, sixty days after notification to the Attorney General, may release or modify the restriction, in whole or part, if:  (1) the institutional fund subject to the restriction has a total value of less then twenty-five thousand dollars;  (2) more than twenty years have elapsed since the fund was established; and  (3) the institution uses the property in a manner consistent with charitable purposes expressed in the gift instrument.  HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.  Effect of Amendment  The 2008 amendment rewrote the section.
SC Code § 34-6-70 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act|Section 34-6-70. Review of compliance.

 Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.  HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.  Effect of Amendment  The 2008 amendment rewrote the section.
SC Code § 34-6-80 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act|Section 34-6-80. Application to existing institutional funds.

 This chapter applies to institutional funds existing on or established after its effective date. As applied to institutional funds existing on the effective date of this chapter, this chapter governs only decisions made or actions taken on or after that date.  HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.  Effect of Amendment  The 2008 amendment rewrote the section.
SC Code § 34-6-90 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act|Section 34-6-90. Relation to Electronic Signatures in Global and National Commerce Act.

 This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 USC Section 7001, et seq., but does not modify, limit, or supersede Section 101 of that act, 15 USC Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 USC Section 7003(b).  HISTORY: 2008 Act No. 289, Section 1, eff July 1, 2008.
SC Code § 34-6-100 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act|Section 34-6-100. Uniformity of application and construction.

 In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.  HISTORY: 2008 Act No. 289, Section 1, eff July 1, 2008.
SC Code § 34-7-10 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 7 - Reorganization Of Insolvent Banks|Section 34-7-10. Reorganization of banks adjudged insolvent.

 When any banking institution organized and operating under the laws of this State has been duly adjudged insolvent in an action or special proceeding duly instituted in the court of common pleas of this State, the court in such action may approve a plan of reorganization for the reopening of any such bank or banking institution upon compliance with the procedure and requirements set forth in Sections 34-7-20 to 34-7-70.  HISTORY: 1962 Code Section 8-311; 1952 Code Section 8-311; 1942 Code Section 7874; 1932 (37) 1183.
SC Code § 34-7-20 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 7 - Reorganization Of Insolvent Banks|Section 34-7-20. Effect of reorganization plan on claims of depositors and unsecured creditors.

 Any such reorganization plan may authorize the reduction of the claims of depositors and unsecured creditors, postpone the payment thereof or provide for such payment in installments as will appear to be to the best interest of the parties interested. In any such plan all claims or demands of the same class shall be treated alike.  HISTORY: 1962 Code Section 8-312; 1952 Code Section 8-312; 1942 Code Section 7874; 1932 (37) 1183.
SC Code § 34-7-30 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 7 - Reorganization Of Insolvent Banks|Section 34-7-30. Parties to proceeding.

 All depositors, creditors and stockholders shall, for the purpose of determining upon any plan of reorganization for the reopening of any such bank under the terms of this Chapter, be deemed parties to the action or proceeding in which the adjudication of insolvency is made, provided the notice hereinafter referred to be duly served. All such depositors, creditors and stockholders who are so made parties shall be bound by the judgment order referred to in Section 34-7-60.  HISTORY: 1962 Code Section 8-313; 1952 Code Section 8-313; 1942 Code Section 7874; 1932 (37) 1183.
SC Code § 34-7-40 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 7 - Reorganization Of Insolvent Banks|Section 34-7-40. Petition and order for reorganization meeting.

 In the event as many as five per cent in number and amount of depositors and stockholders file a petition, duly verified, with the resident or presiding judge of the circuit in which such bank is situate, setting forth that, in their opinion:  (1) It would be to the advantage of the depositors and unsecured creditors to reorganize and reopen such bank for business;  (2) Under such reorganization plan the depositors and unsecured creditors would receive a larger percentage of their claims than would be paid under a liquidation in court; and  (3) It is feasible to reopen the bank on such plan;  And should such representations appear to the satisfaction of the judge to be true, the court shall fix by order a time and place for the holding of a meeting of depositors, creditors and stockholders of such institution for the purpose of considering and determining upon a plan for the reorganization and reopening of such institution.  HISTORY: 1962 Code Section 8-314; 1952 Code Section 8-314; 1942 Code Section 7874; 1932 (37) 1183.
SC Code § 34-7-50 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 7 - Reorganization Of Insolvent Banks|Section 34-7-50. Notice of meeting.

 A notice of the time, place and purpose of such meeting shall be given by mail to each depositor, creditor and stockholder at his address as it appears upon the books and records of the institution, unless it be known to be otherwise and then at such last known address, at least ten days prior to the time of such meeting. The court in its order shall direct the manner of giving such notice and make such other provisions for the holding and conduct of the meeting, not inconsistent herewith, as will enable the parties to be fully heard and register their views on any plan of reorganization.  HISTORY: 1962 Code Section 8-315; 1952 Code Section 8-315; 1942 Code Section 7874; 1932 (37) 1183.
SC Code § 34-7-60 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 7 - Reorganization Of Insolvent Banks|Section 34-7-60. Adoption of plan; quorum and vote required; no appeal.

 Before any such meeting shall be authorized to determine upon any plan of reorganization it must appear that not less than fifty per cent of depositors, unsecured creditors and stockholders are present or duly represented. In the event that two thirds in number and amount of all depositors, unsecured creditors and stockholders present at such meeting agree upon a plan of reorganization by resolution duly adopted and recommend the plan to the resident or presiding judge of such circuit, then the court, if it appear to its satisfaction that such plan will be to the best interest of all parties, may by proper judgment order approve such plan, and order the reorganization and reopening of such institution. No appeal shall be allowed or taken from such order.  HISTORY: 1962 Code Section 8-316; 1952 Code Section 8-316; 1942 Code Section 7874; 1932 (37) 1183.
SC Code § 34-7-70 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 7 - Reorganization Of Insolvent Banks|Section 34-7-70. Reopening of bank in hands of State Board of Bank Control; agreement of fiduciaries.

 Any bank placed in the hands of the State Board of Bank Control other than a banking institution that has been duly adjudged insolvent in an action or special proceeding duly instituted in the court of common pleas under Section 34-7-10 may reopen and operate as a going banking institution upon the consent of two thirds of the depositors in number and amount holding deposits in excess of ten dollars in such bank who shall agree in writing to an extension of payment of unsecured creditors of the bank. Such writing shall specify the terms of such extension and amounts to be paid from time to time for a period not exceeding five years. All such agreements when signed by executors, trustees, administrators or committees for persons non compos mentis shall be lawful and binding upon their wards and shall be binding upon all depositors.  HISTORY: 1962 Code Section 8-317; 1952 Code Section 8-317; 1942 Code Section 7874; 1932 (37) 1183.
SC Code § 34-9-10 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-10. Amount of capital to be paid in United States currency.

 No bank may be organized as a banking corporation or company under the laws of this State unless there has been first paid in United States currency the full subscription price of so much of the authorized capital stock as required by the State Board of Financial Institutions. Notes of stockholders, and other notes and mortgages on property, real, personal or mixed, may not be considered and accepted as cash in payment for shares of capital stock of any such bank.  HISTORY: 1962 Code Section 8-141; 1952 Code Section 8-141; 1942 Code Section 7831; 1932 Code Section 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484; 1973 (58) 672; 2021 Act No. 30 (S.467), Section 10, eff May 6, 2021.  Effect of Amendment  2021 Act No. 30, Section 10, rewrote the section.
SC Code § 34-9-20 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-20. Additional ten percent of capital must be paid in.

 In addition to full payment for the capital stock proposed to be issued, the applicants for a charter for a banking corporation or company shall furnish satisfactory evidence to the State Board of Bank Control that an additional sum of ten percent of the proposed capital of the bank is in hand and available for the purpose of defraying all organization expenses. The fees to be collected by the State shall be included within the meaning of the term organization expenses.  HISTORY: 1962 Code Section 8-142; 1952 Code Section 8-142; 1942 Code Section 7831; 1932 Code Section 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484.
SC Code § 34-9-30 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-30. Recovery of penalties for nonpayment of stock subscriptions and unpaid installments on subscriptions.

 The penalties for the nonpayment of any stock subscriptions as prescribed in Section 34-3-240, together with any unpaid installments on such subscriptions, may be recovered in any court having jurisdiction of the aggregate amount so due or the stock may be sold for cash after twenty days' notice advertised in the nearest newspaper. If at any such sale the sum bid should not be sufficient to satisfy and discharge the amount so due, together with the cost and charges incident to such sale, the subscriber in default shall be liable for any deficiency, and it may be recovered in the name of the corporation in any court having jurisdiction.  HISTORY: 1962 Code Section 8-143; 1952 Code Section 8-143; 1942 Code Section 7845; 1932 Code Section 7874; Civ. C. '22 Section 4001; Civ. C. '12 Section 2663; Civ. C. '02 Section 1778; R. S. 1541; 1885 (19) 214.
SC Code § 34-9-40 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-40. Minimum capital requirements.

 Every banking company or corporation hereafter organized shall have a minimum capital in the amount required by the State Board of Financial Institutions. In determining the minimum amount the State Board of Financial Institutions shall give due consideration to the location of the proposed bank, the proposed bank's business plan, and the economic environment in which the proposed bank will operate.  HISTORY: 1962 Code Section 8-144; 1952 Code Section 8-144; 1942 Code Section 7831; 1932 Code Section 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484; 2021 Act No. 30 (S.467), Section 11, eff May 6, 2021.  Effect of Amendment  2021 Act No. 30, Section 11, rewrote the section.
SC Code § 34-9-60 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-60. Paid-in capital must meet Federal Deposit Insurance Fund requirements.

 In addition to all other requirements, no bank or banking institution of any nature shall be granted a charter by the Secretary of State unless and until the State Board of Bank Control has certified that the paid-in capital of such bank or banking institution is sufficient to qualify such bank or banking institution for membership in the Federal Deposit Insurance Fund.  HISTORY: 1962 Code Section 8-146; 1952 Code Section 8-146; 1942 Code Section 7833; 1939 (41) 216; 1940 (41) 1774.
SC Code § 34-9-90 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-90. Preferred stock shall be included in capital.

 Any preferred stock lawfully issued by a banking institution organized under the laws of this State shall be included in determining whether such banking institution has complied with the minimum capital stock requirements provided by law for banking institutions in this State.  HISTORY: 1962 Code Section 8-150; 1952 Code Section 8-150; 1942 Code Section 7835; 1935 (39) 493.
SC Code § 34-9-100 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-100. Issuance of capital notes or debentures.

 With the approval of the Commissioner of Banking any banking institution may at any time, through action of its board of directors and without requiring any action of its stockholders, issue and sell its capital notes or debentures. Such capital notes or debentures shall be subordinate and subject to the claims of depositors and may be subordinated and subjected to the claims of other creditors.  HISTORY: 1962 Code Section 8-151; 1952 Code Section 8-151; 1942 Code Section 7836; 1935 (39) 464.
SC Code § 34-9-110 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-110. Capital notes and debentures shall be included in capital.

 The term "capital" as used in the laws of this State relating to banking shall be construed to embrace the amount of outstanding capital notes and debentures legally issued by any banking institution. The capital stock of any such banking institution may be deemed to be unimpaired when the amount of such capital notes and debentures as represented by cash or sound assets exceed the impairment as found by the Commissioner of Banking.  HISTORY: 1962 Code Section 8-152; 1952 Code Section 8-152; 1942 Code Section 7836; 1935 (39) 464; 1964 (53) 2058.
SC Code § 34-9-120 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-120. Prerequisite of retirement of capital notes and debentures.

 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.  HISTORY: 1962 Code Section 8-153; 1952 Code Section 8-153; 1942 Code Section 7836; 1935 (39) 464.
SC Code § 34-9-130 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 9 - Bank Capital And Capital Stock|Section 34-9-130. Reserve requirements of state banks.

 Every state bank which is not a member of the Federal Reserve System shall maintain the same reserves against deposits as required for a state bank which is a member of the Federal Reserve System. These reserves must be maintained in the same kind of assets as required for member banks.  HISTORY: 1962 Code Section 8-154; 1952 Code Section 8-154; 1942 Code Section 7844; 1932 Code Section 7863; Civ. C. '22 Section 3993; Civ. C. '12 Section 2655; 1909 (26) 81; 1923 (33) 159; 1933 (38) 296; 1936 (39) 1484; 1953 (48) 357; 1980 Act No. 456; 1991 Act No. 125, Section 1, eff June 4, 1991.  Effect of Amendment  The 1991 amendment rewrote this section.
SC Code § 34-11-10 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 11 - Bank Deposits|Section 34-11-10. Payment of deposits made in name of two or more persons.

 Subject to the provisions of Sections 62-6-101, et seq., of the South Carolina Probate Code:  (a) when a deposit has been made in a bank, banking institution, or depository transacting business in this State in the names of two or more persons, payable to any of the depositors or payable to any of the depositors or the survivor or survivors, the deposit or any part thereof may be paid to any of the persons, whether the other or others are living or not and the receipt or acquittance of the person or persons paid is a valid and sufficient release and discharge for any or all payments made.  (b) The pledge or hypothecation to any bank, banking institution, or other depository transacting business in this State of all or part of a deposit account in the names of two or more persons, payable to any of the depositors or payable to any of the depositors or the survivor or survivors, by any depositor or depositors, whether minor or adult, upon whose signature or signatures withdrawals may be made from the account is, unless the terms of the deposit account provide specifically to the contrary, a valid pledge and transfer to the institution of that portion of the account pledged or hypothecated.  For purposes of this section the term "deposit" includes a certificate of deposit.  HISTORY: 1962 Code Section 8-171; 1952 Code Section 8-171; 1942 Code Section 7851; 1935 (39) 236; 1944 (43) 1272; 1985 Act No. 128, Section 5; repealed by 1986 Act No. 539, Section 2, eff July 1, 1987; 1990 Act No. 521, Part II, Section 99, eff June 5, 1990.  Effect of Amendment  The 1990 amendment added "Subject to the provisions of Sections 62-6-101 et seq. of the South Carolina Probate Code," at the beginning of the section.
SC Code § 34-11-20 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 11 - Bank Deposits|Section 34-11-20. Acceptance and disbursement of deposits of minors.

 A bank may accept deposits of and pay out deposits upon a check or other order of a minor and act in any other matter with respect to the deposits of a minor with the same effect as if dealing with a person of full legal capacity.  HISTORY: 1962 Code Section 8-171.1; 1952 (51) 1765; 1985 Act No. 128, Section 6.