reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-300. Conversion to state savings bank; application, examination, fee; conversion plan, amendment; vote, filing of results; approval.

(A) Any association or state or national bank, upon a majority vote of its board of directors, may apply to the board for permission to convert to a state savings bank and for certification of appropriate amendments to its articles of incorporation to effect the change. Upon receipt of an application to convert to a state savings bank, the board shall examine all facts connected with the conversion. The depository institution applying for permission to convert must pay a fee established by the board.
(B) The converting depository institution must submit a plan of conversion as a part of the application to the board. The board may approve it with or without amendment. If the board approves it, the plan must be submitted to the members or stockholders as provided in subsection (C) of this section. If the board refuses to approve the plan, the objections must be stated in writing and the converting depository institution must be given an opportunity to amend the plan to obviate the objections.
(C) After lawful notice to the members or stockholders of the converting depository institution and full and fair disclosure, the substance of the plan must be approved by the affirmative vote of a majority of votes or shares present. The vote by the members or stockholders may be in person or by proxy. The results of the vote as certified by an appropriate officer of the converting depository institution must be filed with the board. The board then shall approve or disapprove the requested conversion to a state savings bank. Upon approval of the conversion, the board shall supervise and monitor the conversion process and shall ensure that the conversion is conducted lawfully and under the approved plan of conversion.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-320. Conversion to federal charter with change from stock to mutual, or mutual to stock; conversion to state charter with change from mutual to stock.

(A) If a state charter converts to a federal charter in which the form of organization also is changed from stock to mutual, or from mutual to stock, the conversion shall proceed initially as a charter conversion under Section 34-30-310. After the state savings bank becomes a federal depository institution, the federal regulatory authority governs the continuing conversion of the form of ownership of the newly converted depository institution.
(B) If a federal charter converts to a state charter conversion in which the form of organization also is changed from mutual to stock, the conversion proceeds initially as a charter conversion under Section 34-30-300. After the federal depository institution becomes a state savings bank, Section 34-30-330 or 34-30-340 governs the continuing conversion of the form of ownership of the newly converted state savings bank.
(C) This section does not apply to the simultaneous charter and organization conversion accomplished in conjunction with a merger under Section 34-30-360.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-350. Merger of state savings banks and federal depository institutions.

Any two or more depository institutions, when one or more is a state savings bank and one or more is a federal depository institution operating in South Carolina, may merge under either a state savings bank charter or a federal charter.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-360. Merger of stock state savings banks with banks or associations; merger plan; amendment; approval; vote.

(A) A stock state savings bank, upon a majority vote of its board of directors, may apply to the board for permission to merge with a bank, as defined in Chapter 25, or an association, as defined in Section 34-28-30.
(B) The state savings bank shall submit a plan of merger as a part of the application to the board. The board may approve the plan of merger with or without amendment.
If the board approves it, the plan must be submitted to stockholders or members as provided in subsection (C) of this section. If the board refuses to approve the plan, the board shall state the objections in writing and give the merging state savings bank an opportunity to amend the plan to obviate the objections.
(C) After lawful notice to stockholders or members of the state savings bank and full and fair disclosure, the substance of the plan must be approved by the affirmative vote of a majority of the votes or shares present, in person or by proxy. The results of the vote as certified by an appropriate officer of the state savings bank must be filed with the board. The board then shall approve or disapprove the requested merger.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-370. Voluntary dissolution of state savings banks.

A state savings bank may be dissolved voluntarily by a majority vote of the board of directors when substantially all of the assets have been sold for the purpose of terminating the business of the savings bank and when a certificate of dissolution is recorded in the manner required by this chapter for the recording of articles of incorporation.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-380. Resolution to dissolve and liquidate state savings banks and adopt plan of voluntary dissolution; election of liquidators; execution of plan, procedure.

At any annual or special meeting called for the purpose of dissolution, a state savings bank, by an affirmative vote, in person or by proxy, of at least two-thirds of the total number of shares or votes that all members or stockholders of the association are entitled to cast, may resolve to dissolve and liquidate the state savings bank and adopt a plan of voluntary dissolution. Upon adoption of the resolution and plan of voluntary dissolution, the members or stockholders shall elect not more than three liquidators who shall post bond as required by the board. The liquidators shall have full power to execute the plan by the following procedure:
(1) A copy of the resolution, certified by an appropriate officer of the state savings bank, and the minutes of the meeting of members or stockholders, the plan of liquidation, and an itemized statement of the state savings bank's assets and liabilities, sworn to by a majority of its board of directors, must be filed with the board. The minutes of the meeting of members or stockholders must be certified by an appropriate officer of the association, and describe the notice given and the time of mailing, the vote on the resolution, the total number of shares or votes that all members of the state savings bank were entitled to cast, and the names of the elected liquidators.
(2) If the board finds that the proceedings comply with this chapter and that the plan of liquidation is not unfair to a person affected, the board shall attach a certificate of approval to the plan and forward one copy to the liquidators and one copy to the state savings bank's federal deposit account insurance corporation. Once the board has approved the resolution and the plan of liquidation, it is unlawful for the state savings bank to accept any additional deposit accounts or additions to deposit accounts or make any additional loans, but all its income and receipts in excess of actual expenses of liquidation of the state savings bank must be applied to the discharge of its liabilities.
(3) The liquidating state savings bank must pay a reasonable compensation, subject to the approval of the board, to the appointed liquidator.
(4) The plan is effective upon the recording of the board's certificate of approval in the manner required by this chapter for the recording of the articles of incorporation.
(5) The liquidation of the state savings bank is subject to the supervision and examination of the board.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-390. Final report and accounting of liquidation; approval of report; certificate of dissolution, recording.

Upon completion of liquidation, the liquidator shall file with the board a final report and accounting of the liquidation. The board's approval of the report operates as a complete and final discharge of the liquidator, the board of directors, and each member or stockholder in connection with the liquidation of the state savings bank. Upon approval of the report, the board shall issue a certificate of dissolution of the state savings bank and shall record it in the manner required by this chapter for the recording of articles of incorporation. The dissolution is effective upon the recording of the certificate of dissolution.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-400. Limitations on mergers.

No merger may be approved by the board under this Article 3:
(1) which would result in a monopoly, or which would be in furtherance of a combination or conspiracy to monopolize or to attempt to monopolize the banking business of this State; or
(2) the effect of which in this State would be substantially to lessen competition, or to tend to create a monopoly, or which in another manner would be in restraint of trade, unless it finds that the anticompetitive effects of the proposed transaction clearly are outweighed in the public interest by the probable effect of the proposed merger in meeting the purposes of this chapter or the convenience and needs of the primary service area served.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-410. Short form merger, consolidation, conversion, or combination merger and conversion.

Notwithstanding another provision of this chapter, to protect the public, including members, depositors, or stockholders of a state savings bank, the board, upon making a finding that a state savings bank is unable to operate in a safe and sound manner, may authorize or require a short form merger, consolidation, conversion, or combination merger and conversion of the state savings bank, or another transaction.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-420. Applications for permission to organize interim state savings banks; preliminary approval.

(A) Article 2 of this chapter does not apply to applications for permission to organize an interim state savings bank so long as the application is approved by the board.
(B) Preliminary approval of an application for permission to organize an interim state savings bank is conditional upon the board's approval of an application to merge the interim state savings bank and an existing stock state savings bank or on the board's approval of another transaction.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-510. Powers and duties of board.

The board shall perform the duties and exercise the powers as to state savings banks organized or operated under this chapter, except as otherwise provided in this chapter.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-520. Implementation; application of State Administrative Procedures Act; cease and desist orders; suspension of directors, officers, or committee members; authorization to engage in activities of federally chartered savings banks.

(A) The board may establish procedures to implement a provision of this chapter and to define a term not defined in the chapter so as to foster and maintain an effective level of savings bank services and the security of depositor accounts. The provisions of the State Administrative Procedures Act apply to all regulations of the board under this chapter.
(B) After ten days' notice and hearing in which the savings bank may appear, the board may issue a cease and desist order, having determined from competent and substantial evidence that a savings bank is engaged or has engaged or when the board has reasonable cause to believe the savings bank is about to engage in an unsafe or unsound practice, or is violating or has violated or the board has reasonable cause to believe is about to violate a material provision of a law, regulation, or a condition imposed in writing by the board or a written agreement made with the board.
(C) After ten days' notice and hearing in which the director, officer, or committee member may appear, the board may suspend from office and prohibit from further participation in the conduct of the affairs of a savings bank any director, officer, or committee member who has committed a violation of a law, regulation, or of a cease and desist order or who has engaged or participated in an unsafe or unsound practice in connection with the savings bank or who has committed or engaged in any act, omission, or practice which constitutes a breach of that person's fiduciary duty as any director, officer, or committee member, when the board has determined that the action or actions have resulted or will result in substantial financial loss or other damage that seriously prejudices the interests of the depositors.
(D) By issuing operational instructions, the board may authorize state savings banks to engage in activities approved for federally chartered savings banks.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-530. Adoption of rules, regulations, definitions, and forms; recording or reproducing of records; printed reproductions.

(A) The board shall adopt rules or regulations, definitions, and forms as necessary for the supervision and regulation of state savings banks and for the protection of the public investing in state savings banks.
(B) Without limiting the generality of subsection (A) of this section the board may adopt rules or regulations, definitions, and forms with respect to the following:
(1) reserve requirements;
(2) stock ownership and dividends;
(3) stock transfers;
(4) original incorporators, stockholders, directors, officers, and employees of a state savings bank;
(5) bylaws;
(6) the operation of state savings banks;
(7) deposit accounts, bonus plans, and contracts for savings programs;
(8) loans and loan expenses;
(9) investments and resource management;
(10) forms or proxies, holders of proxies, and proxy solicitations;
(11) types of financial records to be maintained by state savings banks;
(12) retention periods of various financial records;
(13) internal control procedures of state savings banks;
(14) conduct and management of state savings banks;
(15) chartering and branching;
(16) liquidations, dissolutions, and receiverships;
(17) mergers, consolidations, conversion, and combination mergers and conversions;
(18) interim state savings banks;
(19) reports that may be required by the board;
(20) conflicts of interest;
(21) service corporations; and
(22) subsidiary state savings banks and holding companies, including the rights of members, levels of investment in the subsidiaries, and stock sales.
(C) A state savings bank may cause any or all of its records to be recorded, copied, or reproduced by:
(1) photostatic, photographic, or microfilming process; or
(2) electronic graphic imaging through scanning, digitizing, or other means.
These processes or means must correctly copy, reproduce, or form a medium for copying or reproducing the original record so that an accurate facsimile of the original is printed or otherwise reproduced on paper, film, or similar medium.
(D) The printed reproduction is considered an original record for all purposes and must be treated as an original record in all courts or administrative agencies for the purpose of its admissibility into evidence, regardless of whether the institution retains or disposes of the original, provided:
(1) the original document otherwise qualified as a business record pursuant to the South Carolina Uniform Business Records as Evidence Act or the appropriate state or federal rules or regulations of evidence; and
(2) a custodian or other qualified witness as those terms are used in the appropriate state or federal rules of evidence certifies that the printed reproduction is a true and correct copy of the original.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-540. Examinations and investigations; report; prohibition against delay or obstruction of examinations, refusal to exhibit records, false statements.

(A) The board is authorized to examine and investigate everything relating to the business of a state savings bank or its holding company.
(B) The board shall furnish a copy of the report to the state savings bank examined and, upon request, may furnish a copy of, or excerpts from, the report to the insurer of accounts.
(C) A state savings bank may not wilfully delay or obstruct an examination. A person failing to comply with this subsection is guilty of a misdemeanor.
(D) A person who possesses or controls books, accounts, or papers of a state savings bank shall not refuse to exhibit them to the board or the board's agents on demand, or knowingly or willingly make a false statement in regard to them. A person failing to comply with this subsection is guilty of a misdemeanor.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-550. Supervision and examination fees.

Every state savings bank, including state savings banks in the process of voluntary liquidation, or its holding company, shall pay into the office of the board fees for supervision and examination, and at the times, as prescribed by the board.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-560. Failure of examination to disclose complete financial condition; audit of examination; revaluation of assets or liabilities; expenses.

(A) If, in the opinion of the board, an examination conducted under Section 34-30-550 fails to disclose the complete financial condition of a state savings bank, the board, in order to ascertain its complete financial condition, may make an extended:
(1) audit of examination of the state savings bank or cause an audit or examination to be made by an independent auditor at the expense of the state savings bank; and
(2) revaluation of the assets or liabilities of the state savings bank or cause an independent appraiser to make a revaluation at the expense of the state savings bank.
(B) The board may collect from the state savings bank a reasonable sum for actual or necessary expenses of revaluation or audit of examination.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-570. Board and agents, powers; failure to comply with subpoena, refusal to testify; contempt proceedings.

(A) The board and the board's agents:
(1) shall have free access to all books and records of a state savings bank, or its service corporation or holding company, that relate to its business, and the books and records kept by an officer, agent, or employee relating to or upon which any record is kept;
(2) may subpoena witnesses and administer oaths or affirmations in the examination of any director, officer, agent, or employee of a state savings bank, or its service corporation or holding company or of another person in relation to its affairs, transactions, and conditions;
(3) may require the production of records, books, papers, contracts, and other documents; and
(4) may order that improper entries be corrected on the books and records of a state savings bank.
(B) The board may issue subpoenas duces tecum.
(C) If a person fails to comply with a subpoena or a party or witness refuses to testify on a matter, a court of competent jurisdiction, on the application of the board, shall compel compliance by proceedings for contempt as in the case of disobedience of the requirements of a subpoena issued from the court or a refusal to testify in the court.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-580. Test appraisals of collateral securing loans; appraisers; appraisals by insurer of accounts; costs and expenses.

(A) The board may direct the making of test appraisals of real estate and other collateral securing loans made by state savings banks doing business in this State, employ competent appraisers, or prescribe a list from which competent appraisers may be selected, for the making of these appraisals by the board, and all other acts incident to the making of test appraisals.
(B) Instead of causing an appraisal to be made, the board may accept an appraisal caused to be made by the insurer of accounts.
(C) The expense and cost of test appraisals made under this section must be defrayed by the state savings bank subjected to the test appraisals, and each state savings bank doing business in this State shall pay all reasonable costs and expenses of the test appraisals when it is directed.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-590. Confidentiality of records or information; disclosure of specific information; exchange of information; violations by state officials, liability; copy fees.

(A) The following records or information of the board, or its agents, are confidential and must not be disclosed:
(1) information obtained or compiled in preparation of or anticipation of, or during an examination, audit, or investigation of any association;
(2) information reflecting the specific collateral given by a named borrower, the specific amount of stock owned by a named stockholder, a stockholder list supplied to the board under Section 34-30-170, or specific deposit accounts held by a named member or customer;
(3) information obtained, prepared, or compiled during or as a result of an examination, audit, or investigation of a state savings bank by an agency of the United States;
(4) information and reports submitted by state savings banks to federal regulatory agencies;
(5) information and records regarding complaints from the public received by the board that concern state savings banks when the complaint could result in an investigation, except to the management of those state savings banks; and
(6) other letters, reports, memoranda, recordings, charts, documents, or records that disclose information of which disclosure is prohibited in this subsection.
(B) A court of competent jurisdiction may order the disclosure of specific information.
(C) Nothing in this section prevents the exchange of information relating to state savings banks and their business with the representatives of the agencies of this State, other states, or of the United States, or with reserve or insuring agencies for state savings banks. The private business and affairs of an individual or company must not be disclosed by a person employed by the board, a member of the board, or by a person with whom information is exchanged under the authority of this subsection.
(D) An official employee of this State violating this section is liable to a person injured by disclosure of the confidential information for all damages sustained. Penalties provided are not exclusive of other penalties.
(E) The fee for copies of disclosed information must be set by the board.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-600. Defamation; false information and advertising; fine or imprisonment.

A person who engages in any of the following acts or practices is guilty of a misdemeanor and, upon conviction, must be fined or imprisoned, or both, in the discretion of the court:
(1) Defamation: Making, publishing, disseminating, or circulating, directly or indirectly, or aiding, abetting, or encouraging the making, publishing, disseminating, or circulating of any oral, written, or printed statement that is false regarding the financial condition of a state savings bank.
(2) False information and advertising: Making, publishing, disseminating, circulating, or otherwise placing before the public in any publication, media, notice, pamphlet, letter, poster, or other way, an advertisement, announcement, or statement containing any assertion, representation, or statement with respect to the state savings bank business or with respect to a person in the conduct of the state savings bank business that is untrue, deceptive, or misleading.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-760. Violations; statement, order of discontinuance and compliance; enforcement by court; application for hearing and suspension of order; notice; adjudication.

If the board, as a result of an examination or from a report made to it, finds that a state savings bank or a service corporation or subsidiary is violating the provisions of its articles of incorporation or bylaws, the laws of this State or the United States, or any lawful order or regulation of the board, it shall state, by a formal written order delivered to the home office, the alleged violation, with a statement of the facts alleged to constitute the violation, and order discontinuance of the violation and compliance with all requirements of law. The order must specify its effective date, which may be immediate or may be at a later date, and it remains in effect until withdrawn by the board or until terminated by a court order. The order of the board, upon application made on or after its effective date by the board to the circuit court in the county in which the home office of the association or organization is located, may be enforced by the court. A state savings bank or company affected by an order of the board, after its receipt, shall have the right to apply within thirty days to a court of competent jurisdiction for an immediate hearing and order suspending the order of the board until the hearing has been completed. The hearing of the application to the court must be upon that notice to the board as the court shall provide. Whether upon application by the board or by the state savings bank or other company, the court has power to and shall adjudicate the question and enter the proper orders and enforce the same.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1000. Membership of mutual state savings banks.

(A) The membership of a mutual state savings bank consists of those who:
(1) hold deposit accounts in the state savings bank, and
(2) borrow funds and those who become obligated on a loan from the state savings bank, for as long as the loan remains unpaid and the borrower remains liable to the state savings bank for the payment of the loan.
(B) A person, as a matter of right or in a trust or other fiduciary capacity, or any partnership, association, corporation, political subdivision, or public or governmental unit or entity may become a member of a mutual state savings bank. Members must be possessed of voting rights and other rights as are provided by a state savings bank's articles of incorporation and bylaws as approved by the board.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1010. Bank directors; election; terms; weighted voting; voting rights; election of stock savings bank directors; terms; ownership interest; number of directors; vacancies; restrictions.

(A) The directors of a mutual state savings bank must be elected by the members at an annual meeting, held pursuant to Section 34-30-1060, for the terms as the bylaws of the state savings bank may provide. Directors' terms may be classified in the articles of incorporation. Voting for directors by deposit account holders may be weighted according to the total amount of deposit accounts held by the members, subject to a maximum number of votes for each member, which a state savings bank may choose to prescribe in its bylaws. Voting rights for borrowers must be prescribed in a detailed manner in the bylaws of the state savings bank.
(B) The directors of a stock state savings bank must be elected by the stockholders at an annual meeting, held pursuant to Section 34-30-1060, for the terms as the bylaws of the state savings bank may provide. Directors' terms may be classified in the articles of incorporation.
(C) A director of a state savings bank shall have an ownership interest in the state savings bank, or in the case of a stock state savings bank, in the holding company for the stock state savings bank.
(D) A state savings bank shall have at least five directors.
(E) A vacancy occurring in the board of directors, including a vacancy created by reason of an increase in the number of directors, may be filled by the affirmative vote of a majority of the remaining directors. A director elected to fill a vacancy shall hold office for the remainder of the original term of the vacancy.
(F) A person shall not serve as an officer or director of a state savings bank who:
(1) has been convicted on an offense involving fraud or a breach of trust or which constitutes a violation of the laws relating to financial institutions, except with the prior approval of the board upon a showing of rehabilitation; or
(2) is indebted to the savings bank for more than thirty days upon a judgment that has become final.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1020. Bylaws and amendments; certification; effective date; amendment.

The bylaws and amendments must be certified by the appropriate corporate official and submitted to the board at least thirty days before they may become effective. Unless the board determines that a proposed amendment to the bylaws conflicts with a provision of this chapter or applicable law, the amendment is effective at the expiration of the thirty-day period, or at such earlier date as permitted by the board. The board of directors of a state savings bank has the authority to adopt or amend bylaws that do not conflict with this chapter or the articles of incorporation. If the articles of incorporation or bylaws provide, the bylaws may be amended by members or stockholders in the manner specified in this chapter.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1030. Fiduciary duties of officers and directors; duties of good faith, diligence, and care.

Officers and directors of a state savings bank shall act in a fiduciary capacity towards the state savings bank and its members or stockholders. They shall discharge duties of their respective positions in good faith, and with that diligence and care which ordinarily prudent persons would exercise under similar circumstances in like positions.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1040. Conflict of interest.

Each director, officer, and employee of a state savings bank shall avoid placing himself in a position which creates, or which leads to, or could lead to a conflict of interest or appearance of a conflict of interest having adverse effects on the interests of members, customers, or stockholders of the state savings bank, soundness of the state savings bank, and the purposes of this chapter.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1050. Voting rights; production of books of record; majority determination of questions.

Voting rights in the affairs of a state savings bank may be exercised by members and stockholders by voting either in person or by proxy. In the case of a mutual state savings bank, those entitled to vote are those who are members of record at the end of the calendar month next preceding the date of the meeting, except those who have ceased to be members. In the case of a stock saving bank, the directors may fix a date not more than sixty days and not fewer than ten days before the date set for the meeting as the record date as of which the stockholders of record are entitled to vote. Unless the articles of incorporation provide otherwise, every stockholder of a stock state savings bank, if present in person or voting through a duly authorized proxy at a meeting of stockholders, is entitled to one vote for each share of voting stock recorded in his name on the books of the state savings bank on the record date as to each proposal presented at the meeting. The books of record of stockholders must be produced at any stockholders' meeting upon the request of a stockholder. A majority of all votes cast at a meeting of members or stockholders shall determine any question unless this chapter or the provisions of the South Carolina Business Corporation Act, Chapters 1 to 25 of Title 33, provides otherwise.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1060. Annual meetings; notice.

(A) A state savings bank must hold an annual meeting of its members or stockholders, at a time and place as provided in the bylaws or determined by the board of directors. The annual meeting must be held for the purpose of electing directors and for other purposes as specified by the board of directors or pursuant to procedures as provided for in the bylaws.
(B) The board of directors of a mutual state savings bank shall cause to be published once a week for two weeks preceding the meeting, in a newspaper of general circulation in the county where the state savings bank has its principal office, a notice of the meeting, stating the time and place where it is to be held. In addition to the notice, a mutual state savings bank must disseminate additional notice of an annual meeting by notice made available to all members entering the premises of a branch office of the state savings bank in the regular course of business by posting notice, in one or more conspicuous places, announcing the pending meeting, the time, date, place and purpose of the meeting. The additional notice must be given at least fourteen days before the meeting and shall continue through the time of the meeting.
(C) The board of directors of a stock state savings bank shall give written or printed notice, stating the time and place of the annual meeting, not less than ten days nor more than sixty days before the date of the meeting, either personally or by mail, to each stockholder of record entitled to vote at the meeting. If mailed, the notice is considered to be delivered when deposited in the United States postal service addressed to the stockholder at the address as it appears on the records of the corporation, with postage prepaid.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1070. Special meetings; notice.

(A) Special meetings of members or stockholders of a state savings bank may be called by the president or the board of directors or by other officers or persons as provided for in the articles of incorporation or bylaws of the savings bank. Special meetings must be held for such purpose as specified by the board of directors.
(B) Notice of a special meeting of members or stockholders must be given in the same manner as an annual meeting as provided by Section 34-30-1060.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1080. Quorum.

No less than thirty holders of deposit accounts in a mutual state savings bank or a majority of shares eligible to vote in a stock state savings bank, present in person or represented by proxy, constitutes a quorum at any annual or special meeting.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1090. Blanket indemnity bond; bonding of agents; settlement; cancellation.

(A) A state savings bank must maintain a blanket indemnity bond as prescribed by the board, but not less than one million dollars.
(B) A state savings bank that employs collections agents, who are not covered by the bond required in this section, must provide for the bonding of each agent in an amount equal to at least twice the average monthly collections of the agent. The agents are required to make settlement with the state savings bank at least once monthly. No coverage by bond must be required of an agent that is a bank or a savings institution insured by the Federal Deposit Insurance Corporation. The amount and form of the bond and the sufficiency of the surety must be approved by the board of directors and the board before it is valid. A bond must provide that its cancellation, either by the surety or by the insured, is not effective unless and until thirty days' notice in writing has been given to the board.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1100. Exemption of directors or officers from personal liability; limitations; breach of duty of loyalty defined.

(A) Notwithstanding another provision of this chapter, a state savings bank, in its articles of incorporation or bylaws, may provide that a director or officer is not liable personally, or is liable only to the extent provided, to the state savings bank or its depositors or members or stockholders for damages for breach of a duty owed to the savings bank or its depositors or members, except that the provision does not relieve an officer or director from liability for an act or omission:
(1) in breach of the person's duty of loyalty to the state savings bank or its depositors, members, or stockholders;
(2) not in good faith or involving a knowing violation of law; or
(3) resulting in receipt by the person of an improper personal benefit.
(B) As used in this section, an act or omission in breach of a person's duty of loyalty means one which that person knows or believes to be contrary to the best interests of the state savings bank or its depositors in connection with a matter in which he has a material conflict of interest.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1210. Permitted loans.

(A) A state savings bank may lend funds:
(1) on the security of deposit accounts, but no loan shall exceed the withdrawal value of the pledged deposit account;
(2) on the security of real property:
(a) of a value, determined in accordance with this chapter and appraisal rules or regulations as the board may adopt sufficient to provide good and ample security for the loan;
(b) with a fee simple title or a leasehold title of no less duration than ten years beyond the maturity of the loan;
(c) with the security interest in the real estate evidenced by an appropriate written instrument and the loan evidenced by a note, bond, or similar written instrument. A loan on the security of the whole of the beneficial interest in a land trust satisfies the requirements of this subitem if the title to the land is held by a corporate trustee and if the real estate held in the land trust meets the other requirements of this item;
(3) for the purpose of repair, improvement, rehabilitation, furnishing, or equipment of real estate;
(4) the purpose of financing or refinancing an existing ownership interest, in certificates of stock, certificates of beneficial interest, or other evidence of an ownership interest in, and a proprietary lease from, a corporation, trust, or partnership formed for the purpose of the cooperative ownership of real estate, secured by the assignment or transfer of the certificates or other evidence of ownership of the borrower;
(5) for the purchase of loans that, at the time of purchase, the state savings bank is authorized to make in accordance with this chapter;
(6) for the purchase of installment contracts for the sale of real estate, and title to it that is subject to the contract, but in each instance only if the state savings bank, at the time of purchase, is authorized to make a mortgage loan of the same amount and for the same length of time on the security of the real estate;
(7) for the purchase of loans guaranteed or insured, wholly or in part, by the United States or any of its instrumentalities;
(8) for secured or unsecured financing for business, corporate, personal, family, or household purposes, or for secured or unsecured loans for agricultural or commercial purposes, subject to rules or regulations as the board adopts;
(9) for the purpose of mobile home financing;
(10) for a loan secured by not more than ninety percent of the cash surrender value of a life insurance policy;
(11) for a loan on collateral that is a legal investment if made by the state savings bank under this chapter.
(B) Notwithstanding any provision of this chapter to the contrary, a state savings bank may make any loans within the lending limits prescribed that the state savings bank could make if it were incorporated and operating as a federal association or federal savings bank or as a state or national bank.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1220. Loan procedures; report of actions; loans on collateral; unsecured loans; investment of funds; sale of loans.

(A) The board of directors shall establish procedures by which loans are to be considered, approved, and made by the state savings bank.
(B) All actions on loan applications to the state savings bank must be reported to the board of directors at its next meeting.
(C) Subject to rules or regulations as the board considers appropriate, a state savings bank may lend funds on collateral considered sufficient by the board of directors to secure loans properly. Loans made solely upon security of collateral consisting of stock or equity securities that are not listed on a national stock exchange or regularly quoted and offered for trade on an over-the-counter market are considered loans without security.
(D) A state savings bank may lend funds without requiring security. An unsecured loan shall not exceed the maximum amount authorized by rules or regulations of the board.
(E) A state savings bank may invest funds on hand in the purchase of loans of a type that the state savings bank could make in accordance with this chapter.
(F) A state savings bank may invest in a participating interest in loans of a type that the state savings bank could make in accordance with this chapter.
(G) A state savings bank may sell a loan, including a participating interest in a loan.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1230. Acceptance of own capital stock or mutual capital certificates as security prohibited.

A state savings bank may not accept its own capital stock, or that of its holding company, or its own mutual capital certificates as security for loans made by the state savings bank.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1240. Condition of loan on specific contracts prohibited.

A state savings bank or service corporation shall not require, as a condition of making a loan, that the borrower contract with any specific person or organization for particular services, except as otherwise permitted to national banking associations.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1250. Loan expenses; late payment charge; levy of payments.

Pursuant to the provisions of the South Carolina Consumer Protection Code as contained in Title 37, a state savings bank may require borrowers to pay:
(1) all reasonable expenses incurred by the state savings bank in connection with making, closing, disbursing, extending, adjusting, or renewing loans.
(2) a charge for late payments made during the course of repayment of a loan.
The payments may be levied only upon the terms and conditions that are fixed by the state savings bank's board of directors and agreed to by the borrower in the loan contract.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.