reglab/housing_qa huggingface dataset:
SC Code § 34-26-1220 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1220. Conversion of credit union to organization under laws of another state or United States; requirement of member approval.

 (1) A credit union incorporated under the laws of this State may be converted to a credit union organized under the laws of any state or under the laws of the United States, or a credit union organized under the laws of the United States or of any other state may convert to a credit union incorporated under the laws of this State.  (2) To effect such a conversion, a credit union must receive the approval of a majority of the members voting in accordance with the credit union's bylaws on the question of a charter conversion and upon the approval of the credit union's current and future regulator.  (3) The assets and liabilities of the predecessor credit union will vest in and become the property of the successor credit union subject to all existing liabilities against the predecessor credit union. Members of the predecessor credit union may become members of the successor credit union pursuant to this chapter.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2021 Act No. 30 (S.467), Section 18, eff May 6, 2021.  Effect of Amendment  2021 Act No. 30, Section 18, inserted the (1) designator and redesignated the second sentence as (2); in (2), deleted "two-thirds" following "approval of a"; and added (3).
SC Code § 34-26-1300 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1300. Corporate credit union.

 (1) A corporate credit union may be incorporated under this article. All parts of this chapter not inconsistent with this article shall apply to it.  (2) Only one corporate credit union shall be so incorporated. No other credit union may use the term "corporate credit union" in its name.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1310 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1310. Purposes of corporate credit union.

 The purposes of the corporate credit union are to:  (a) accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;  (b) act as an intermediary for credit union funds between members and other corporate credit unions;  (c) obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;  (d) foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth, and development of member credit unions;  (e) provide payment systems and correspondent services to its members; and  (f) perform such other services of benefit to its members which are authorized by the Board of Financial Institutions.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1320 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1320. Corporate credit union membership.

 (1) Membership in the corporate credit union shall consist of and be limited to the credit union subscribers to the articles of incorporation, credit unions incorporated under this chapter, the Federal Credit Union Act or any other credit union act, organizations or associations of credit unions, and such other organizations provided for in the articles of incorporation.  (2) A member of the corporate credit union shall designate one person to be its authorized representative to attend meetings of the corporate credit union and to vote on behalf of the member. A credit union member of the corporate credit union may only designate as its authorized representative a member of its own credit union. No person may serve as the authorized representative of more than one member of the corporate credit union.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1330 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1330. Application to form corporate credit union.

 (1) Application to form a corporate credit union shall be made in writing to the Board of Financial Institutions. The application shall contain the names of at least ten percent of the credit unions in the proposed field of membership that have agreed to subscribe to shares in the corporate credit union at the time the application is made.  (2) The application shall be accompanied by articles of incorporation, bylaws, and a copy of the application for share insurance.  (3) The bylaws shall provide for the selection of a board of directors of at least five persons, all of whom shall be authorized representatives of members. The bylaws shall require those applying for membership to subscribe to membership shares or other shares, or both, in a minimum amount as specified in the bylaws.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1340 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1340. Powers and privileges of corporate credit union.

 (1) The corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter in addition to those powers enumerated in this article, notwithstanding any limitations or restrictions found elsewhere in this chapter.  (2) The corporate credit union may:  (a) accept funds, either as shares or deposits, from a member credit union or credit union organizations;  (b) make loans to or invest in a member credit union;  (c) make loans to or place deposits in a bank, savings bank, trust company, or savings and loan association incorporated by this State, by another state, or by the United States;  (d) provide payment systems and correspondent services to its members;  (e) participate with any credit union incorporated by this State, another state, or the United States in making loans to its members or to members of any other participating credit union, under the terms and conditions to which the participating credit unions agree;  (f) purchase, sell, and hold investment securities as stated in Section 34-26-1020 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. All investments and related contracts and agreements shall be made in accordance with written investment policies established by the board of directors;  (g) borrow from any source, at the discretion of its board of directors;  (h) authorize its board of directors to delegate the authority to set interest rates on loans and deposits and to determine dividends on shares;  (i) contract for penalties for payment of loans prior to the scheduled maturity;  (j) sell all or a part of its real estate to another depository financial institution, purchase all or part of the real estate of another depository financial institution, and assume the liabilities of the selling depository financial institution and those of its members or depositors;  (k) act as intermediary for the funds of members, credit unions, and other corporate credit unions;  (l) act as agent for members, other credit unions and credit union organizations in paying, receiving, transferring the assets and liabilities received and invested as permitted in this article;  (m) receive and hold in safekeeping the securities and other assets of its members and, in connection therewith, make such disposition of such assets as may be agreed to or directed by the member; and  (n) exercise all incidental powers that are convenient, suitable, or necessary to enable it to carry out its purposes.  (3) The corporate credit union may exercise the powers or privileges granted a federal corporate credit union, subject to the approval of the Board of Financial Institutions.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1350 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1350. Participation in National Credit Union Administration Central Liquidity Facility; other state and federal financial systems; agreements with third parties.

 The corporate credit union may enter into agreements and subscribe to any required shares for the purpose of participation in the National Credit Union Administration Central Liquidity Facility created by Public Law 95-630 or any other state or federal central financial system available to credit unions. It may also enter into agreements with any third parties to aid credit unions to obtain additional sources of liquidity.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1360 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1360. Acceptance of security for loans; pledges, assignments, hypothecation, or mortgages.

 The corporate credit union may require and accept security for loans to a member in the form of a pledge, assignment, hypothecation, or mortgage of any assets of the member or a guarantor.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1370 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1370. Board of directors of corporate credit union meetings.

 The board of directors of the corporate credit union shall meet at least every month in person or by means of telephone as provided in the bylaws.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1380 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1380. Corporate credit union reserve requirements; exemptions.

 (1) The corporate credit union shall be exempt from the regular reserve requirements of Article 11, but at the end of each dividend period and prior to paying a dividend, or at the option of the credit union, on a monthly basis if dividends are paid more frequently than monthly, sums shall be set aside in a corporate reserve in accordance with the following schedule:  (a) When the credit union's corporate reserve and undivided earnings are less than four percent of assets at the end of the transfer period, the credit union shall set aside an amount equal to .0015 times the credit union's average daily assets for the transfer period times the number of days in the transfer period, divided by three hundred and sixty-five.  (b) This reserve requirement may be changed from time to time by the board as it deems appropriate.  (2) Charges may be made to the corporate reserve for loan losses and for investment losses caused by factors other than trading losses or market fluctuations. Other charges to the corporate reserve may only be made with the prior approval of the commissioner.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1390 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1390. Annual audit and report.

 (1) The supervisory committee of the corporate credit union shall cause an annual opinion audit to be made by an independent certified public accountant and shall submit the annual audit report to the board of directors. A summary of the audit report shall be submitted to the membership at the next annual meeting.  (2) A copy of the audit report shall be submitted to the Board of Financial Institutions within thirty days after receipt by the board of directors.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-28-10 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 28 - Savings Associations|Section 34-28-10. Short title of Articles 1 through 10.

 Articles 1 through 10 of this chapter are known and may be cited as the "South Carolina Savings Association Act". Wherever "this Act" appears in this chapter, unless the context clearly indicates otherwise, it means Articles 1 through 10 of Chapter 28 of Title 34.  HISTORY: 1985 Act No. 124, Section 1.
SC Code § 34-28-20 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 28 - Savings Associations|Section 34-28-20. Application of the South Carolina Business Corporation Act.

 When not in direct conflict with or superseded by specific provisions of this chapter, the provisions of the South Carolina Business Corporation Act, Chapters 1 to 25 of Title 33, apply to any association organized or operated under this chapter.  HISTORY: 1985 Act No. 124, Section 1.
SC Code § 34-28-130 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 28 - Savings Associations|Section 34-28-130. Articles of incorporation content; approval by board; amendment.

 (1) The Articles of Incorporation of an association shall contain:  (a) The name of the proposed association, which shall comply with Section 34-28-110, and in the case of a stock-owned association must contain the word "corporation", "incorporated", "limited", or "company" or an abbreviation thereof sufficient to distinguish a stock-owned association from a mutual association;  (b) The address of the principal office of the association in South Carolina, including the county and municipality where it is located, together with a registered agent for receiving service of process and the address of the agent if it differs from that of the principal office of the association;  (c) The period of duration of the corporation which is deemed perpetual unless otherwise stated;  (d) The general nature of the business to be transacted or a statement that the association may engage in any activity or business permitted to associations under this chapter and other provisions of Title 34. This statement shall authorize all those activities and business by the association;  (e) With respect to a stock-owned association, the amount of capital stock authorized, showing the maximum number of shares of par value common stock and of preferred stock, and of every kind, class, or series of each, together with the distinguishing characteristics and the par value of all shares;  (f) The amount of capital with which the association will begin business;  (g) The number of directors, which may not be fewer than five, and the names and street addresses of the members of the first board of directors who, unless otherwise provided by the Articles of Incorporation, the bylaws, or this chapter, shall hold office for the term set forth in Section 34-28-420(4) or until their successors are elected or appointed and have qualified;  (h) The names, and addresses of all the incorporators, not less than ten in number;  (i) Any other provisions authorized or permitted to be in the Articles of Incorporation of a corporation by Chapters 1 to 25 of Title 33 which the incorporators elect to include therein.  (2) The Articles of Incorporation must be in writing, signed by all the incorporators, and submitted to the Board for its approval. Upon approval, the Board shall place the following legend upon the Articles of Incorporation "Approved by the Board of Financial Institutions this ___ day of ___, ___ (herein the name and signature of the Chairman of the Board)". Thereafter, the Articles of Incorporation must be filed with the Secretary of State.  (3) An association shall not amend its Articles of Incorporation without the prior written approval of the Board.  HISTORY: 1985 Act No. 124, Section 1.
SC Code § 34-28-140 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 28 - Savings Associations|Section 34-28-140. Bylaws.

 Unless the Articles of Incorporation provide otherwise, the Board of Directors of an association shall have authority to adopt or amend bylaws that do not conflict with bylaws that may have been adopted by the members or stockholders. The bylaws are for the government of the association, subordinate only to the Articles of Incorporation and the laws of the United States and of this State. A current copy of the bylaws must be filed with the Board.  HISTORY: 1985 Act No. 124, Section 1.
SC Code § 34-28-150 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 28 - Savings Associations|Section 34-28-150. Opening for business.

 (1) An association shall open and conduct a general savings and loan business no later than twelve months after the commencement of its corporate existence (Section 34-28-100(5)). The Board may extend the opening date for an additional period on its own motion or at the request of the association, for good cause shown.  (2) At the time as subscriptions for stock in a proposed stock association have been fully paid (and in the case of a mutual association, at the time as the capital required by the Board has been paid in cash to the association in the form of pledged savings accounts meeting the standards specified by regulation issued by the Board), but no later than thirty days prior to intended opening date, the association shall file with the Board a statement containing the name and address of each subscriber and the amount of capital subscribed by each and, showing that the entire capital required by the Board has been unconditionally and fully paid in lawful money and that the funds or assets representing the required capital are held by the association, that a commitment for the insurance of all deposit accounts has been obtained from the Federal Savings and Loan Insurance Corporation or any successor or assignee federal agency established for the purpose of insuring savings and other deposit accounts in associations and that all other conditions imposed by the Board pursuant to Section 34-28-100(5) have been satisfied.  (3) If the Board finds that the association has in good faith complied with all the requirements of law, and that the association's deposit accounts are properly insured, it shall promptly issue, in duplicate, under its official seal, a certificate of authorization to transact a general savings and loan business.  (4) Upon opening for business, an association shall have power to engage in a general savings and loan business and to exercise, subject to law and the regulations of the Board, all those incidental powers as may reasonably promote its general savings and loan business.  HISTORY: 1985 Act No. 124, Section 1.
SC Code § 34-28-230 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 28 - Savings Associations|Section 34-28-230. Power to reorganize, merge, consolidate, or sell assets out of the ordinary course of business.

 (1) Pursuant to a plan adopted by the board of directors and approved by the Board as equitable and as adequately protecting the interests of the association, its members or stockholders, its deposit account holders, and the public, an association shall, subject to Article 4 of this chapter, have power to reorganize, to merge, or consolidate into another association or company, or to sell all or substantially all of its assets out of the ordinary course of business to another association or company, provided the plan of the reorganization, merger, or consolidation or sale of assets meets the procedural requirements of the South Carolina Business Corporation Act, Chapters 1 to 25 of Title 33, for these transactions.  (2) The Board may provide by regulation for the procedures to be followed by any association submitting a plan of reorganization, merger, or consolidation pursuant to this section.  (3) The Board may not approve any proposed transactions set forth in this section:  (a) Which would result in a monopoly, or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the savings and loan business in this State; or  (b) The effect of which in this State may be substantially to lessen competition, or to tend to create a monopoly, or which in any other manner would be in restraint of trade, unless it finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the proposed reorganization, merger, or consolidation or sale of assets in meeting the convenience and needs of the primary service area to be served.  (4) Each application for reorganization, merger, consolidation, or sale of assets out of the ordinary course of business must be accompanied by a nonrefundable filing fee as determined by the Board.  (5) In the event of any conflict between this section and Article 4 of this chapter, the provisions of Article 4 shall control.  HISTORY: 1985 Act No. 124, Section 1.
SC Code § 34-28-240 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 28 - Savings Associations|Section 34-28-240. Voluntary supervisory stock conversions.

 (1) A voluntary supervisory stock conversion is a conversion involving the sale of a mutual association's newly issued stock to a third party or parties in a transaction in which the association's members have no rights of approval or participation, and no rights to the continuance of any legal or beneficial ownership interest in the converted association pursuant to a conversion plan approved by the Board and a majority of the board of directors of the converting association.  (2) The Board shall have the discretion to approve a voluntary supervisory stock conversion, subject to regulations it may promulgate, when:  (a) It has the power to appoint a receiver for the purpose of liquidation of the converting association pursuant to Section 34-28-730;  (b) Upon liquidation the mutual account holders of the converting association would not realize any equity value;  (c) The converting association is in receivership, or has been authorized to receive assistance under Section 406 of the National Housing Act, l2 U.S.C. Section 1729, or the Board has determined that a severe financial condition exists which threatens the financial condition of the converting association and that approval of the voluntary supervisory conversion is likely to improve the converting association's financial condition; and  (d) The Board finds that following the conversion, the converting association will be a viable entity.  HISTORY: 1985 Act No. 124, Section 1.