reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-40. Forms of security for funds received or held in trust.

Funds received or held in the trust department of the bank or by a trust company awaiting investment or distribution must be secured to the trust department or trust company if these funds have been deposited in its own bank, in any of its affiliate banks, or in any other banking corporation by:
(1) furnishing an indemnity bond in a responsible surety company authorized to do business in this State; or
(2) pledging as collateral:
(a) obligations of the United States;
(b) obligations fully guaranteed both as to principal and interest by the United States;
(c) general obligations of this State or a political subdivision of this State; or
(d) obligations of the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation; or
(3) providing an irrevocable letter of credit issued by the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation, in which the letter of credit otherwise meets any criteria established and prescribed by the State Treasurer for public funds.
HISTORY: 1962 Code Section 8-583; 1952 Code Section 8-583; 1942 Code Section 7907; 1932 Code Section 7907; 1930 (36) 1367; 1991 Act No. 156, Section 1, eff June 12, 1991; 2006 Act No. 308, Section 1, eff upon approval (became law without the Governor's signature on June 1, 2006).
Effect of Amendment
The 1991 amendment added "of the bank or by a trust company", "or trust company", and "in any of its affiliate banks".
The 2006 amendment substituted items (1) to (4) for "bonds acceptable for the securing of public funds in the State equal in market value to the amount of funds deposited".
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-50. Investment of funds.

Funds held by the trust department shall be invested as soon as practicable in strict accordance with the will or agreement governing the trust and in the absence of such direction shall be invested under the terms of the laws for such investments in this State. The investments shall be made by an investment committee, appointed by the board of directors, and all such investments shall be approved by the board of directors.
HISTORY: 1962 Code Section 8-584; 1952 Code Section 8-584; 1942 Code Section 7908; 1932 Code Section 7908; 1930 (36) 1367.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-60. Investments shall be kept separate.

The investments of each individual trust shall be kept separate and distinct from all other trusts and shall be plainly marked.
HISTORY: 1962 Code Section 8-585; 1952 Code Section 8-585; 1942 Code Section 7909; 1932 Code Section 7909; 1930 (36) 1367.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-70. Custody of securities.

The securities of the trust department for each individual trust shall be in the joint custody of two or more officers or other employees designated by the board of directors of the bank or trust company, as the case may be, and such officers or employees shall be bonded.
HISTORY: 1962 Code Section 8-586; 1952 Code Section 8-586; 1942 Code Section 7910; 1932 Code Section 7910; 1930 (36) 1367.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-210. Definitions.

The following terms used in this article shall have the meanings ascribed to them in this section unless the context indicates otherwise:
(1) "Trust institution" means any state bank, any national bank, any building and loan association, savings association, savings and loan association, savings bank, or any trust company authorized to conduct a trust business in this State, or any trust company, authorized to act in a fiduciary capacity in this State, and under the supervision of the Comptroller of the Currency of the United States, or the Federal Reserve System, or the State Board of Bank Control of South Carolina;
(2) The term "fiduciary" means a trust institution undertaking to act alone or jointly with others primarily for the benefit of another in all matters connected with its undertaking and includes trustee, executor, administrator, guardian of estates, committee of estates of persons non compos mentis, and managing agent;
(3) The term "common trust fund" means a fund maintained by a trust institution, exclusively for the collective investment and reinvestment of moneys contributed thereto by the institution in its capacity as a fiduciary or cofiduciary and established, maintained and administered pursuant to the requirements of this article;
(4) The term "estate" or "estates" means any trust, estate or fund administered by a trust institution in a fiduciary capacity;
(5) The term "participation" means the interest of a participating estate in the common trust fund;
(6) The term "security" or "securities" means all types of property in which the trust institution is authorized to invest the assets of the common trust fund; and
(7) The term "managing agency" means the fiduciary relationship assumed by a bank upon the creation of an account so entitled which confers investment discretion on the bank and imposes upon it the fiduciary responsibilities imposed upon trustees under will or deed.
(8) The term "affiliate" means any bank, state or national, or trust company which is (i) duly authorized to act as a fiduciary, wherever located, (ii) under the supervision of the Comptroller of the Currency of the United States, the Federal Reserve System, or a state banking regulatory board or commission, and (iii) a member of the same affiliated group, as defined in Section 1504 of the Internal Revenue Code of 1954, as amended, as a particular trust institution.
HISTORY: 1962 Code Section 8-587; 1955 (49) 538; 1965 (54) 608; 1985 Act No. 124, Section 7; 1986 Act No. 470, Sections 1, 2.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-220. Collective investment of funds.

Funds held by a trust institution may be invested collectively:
(1) In common trust funds maintained by the trust institution or its affiliate exclusively for the collective investment and reinvestment of monies contributed thereto by the trust institution or its affiliate in their capacities as executor, administrator, committee, guardian, or trustee under a will or deed;
(2) In a fund consisting solely of assets of retirement, pension, profit sharing, stock bonus, or other trusts which are exempt from Federal income taxation under the Internal Revenue Code;
(3) Under a managing agency agreement expressly providing that such moneys are received by the trust institution in trust;
(4) Moneys held by the trust institution in its capacity as managing agent shall not be invested in collective investment funds established under items (1) or (2) of this section. Property held by the trust institution in its capacity as trustee of retirement, pension, profit sharing, stock bonus or other trusts which are exempt from Federal income taxation under the Internal Revenue Code may be invested in collective investment funds established under the provisions of items (1) or (2) of this section, subject to the provisions herein contained pertaining to such funds. Assets of retirement, pension, profit sharing, stock bonus or other trusts which are exempt from Federal income taxation under the Internal Revenue Code and held by the trust institution in whatever capacity, may be invested in collective investment funds established under the provisions of item (2) of this section.
HISTORY: 1962 Code Section 8-588; 1955 (49) 538; 1965 (54) 608; 1986 Act No. 470, Section 3.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-230. Written plan for fund.

Each common trust fund shall be established and maintained in accordance with a written plan, referred to in this article as the plan, approved by resolution of the board of directors of the trust institution and approved in writing by competent legal counsel. The plan shall provide that the common trust fund shall be administered under the laws of this State and of the United States, and in conformity with the rules and regulations promulgated from time to time under authority of such laws, and shall contain full and detailed provisions, not inconsistent with the provisions of this article, as to the manner in which the common trust fund is to be operated, the investment powers with respect to the common trust fund, the allocation and apportionment of income, profits and losses, the terms and conditions governing the admission or withdrawal of investments or participations in the common trust fund, the auditing and settlement of accounts of the trust institution with respect to the common trust fund, the basis and method of valuing securities in the common trust fund, the basis upon which the common trust fund may be terminated, and such other matters as may be necessary to define clearly the rights of participants in the common trust fund. A copy of the plan shall be available at the principal office of the trust institution for inspection during all regular business hours to any person having an interest in a participation in the common trust fund. The plan may provide for the amortization of the premiums upon bonds or other obligations, the disposition of discounts and profits and the allocation of them or the apportionment of them between principal and income accounts, the establishment and maintenance of a reserve out of current interest from mortgage investments against which realized losses on mortgages may be charged, and other like matters. The provisions of the plan shall control all participations therein and the rights and benefits of all persons interested in such participations as beneficiaries or otherwise.
HISTORY: 1962 Code Section 8-589; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-240. Amendments to plan.

The plan may be amended from time to time by the fiduciary with the approval of the board of directors of the trust institution and approved in writing by competent counsel. Any such amendment shall be filed with the original plan, together with a certified copy of the resolution of the board of directors of the trust institution approving the amendment.
HISTORY: 1962 Code Section 8-590; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-250. Management, control, and ownership of fund.

The trust institution shall have the exclusive management and control of each common trust fund administered by it and the sole right at any time to sell, convert, exchange, transfer or otherwise change or dispose of the assets comprising any such common trust fund. The ownership of such assets shall be solely in the trust institution as fiduciary and shall be considered as assets held by it as fiduciary.
HISTORY: 1962 Code Section 8-591; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-260. Propriety of investments in fund.

Any trust institution in its capacity as a fiduciary or cofiduciary, whether such fiduciary capacity arose before or is created after this article takes effect, may invest funds which it lawfully holds for investment in such capacity in participations in one or more common trust funds, if such investment is not prohibited by the instrument, judgment, decree or order creating the fiduciary relationship, and if, in the case of cofiduciaries, the trust institution procures the consent of its cofiduciary or cofiduciaries to such investment.
HISTORY: 1962 Code Section 8-592; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-270. Limitation on investment in obligations of any one person, firm, or corporation.

Except in the case of collective investment funds described in Section 34-21-220(2), no investment for a collective investment fund shall be made in stocks, bonds or other obligations of any one person, firm or corporation if as a result of such investment the total amount invested in stocks, bonds or other obligations issued or guaranteed by such person, firm or corporation would aggregate in excess of ten percent of the then market value of the fund. Provided, that this limitation shall not apply to investments in direct obligations of the United States or other obligations fully guaranteed by the United States as to principal and interest.
HISTORY: 1962 Code Section 8-592.1; 1965 (54) 608; 1969 (56) 283.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-280. Collective investment fund may be considered as a whole in determining propriety of investment.

In order to determine whether the investment of funds received or held by the trust institution as fiduciary in a participation in a collective investment fund is proper, the trust institution may consider the collective investment fund as a whole and shall not, for example, be prohibited from making such investment because any particular asset is nonincome producing.
HISTORY: 1962 Code Section 8-592.2; 1965 (54) 608.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-290. Authority of estates restricted to legal investments.

If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after this article takes effect, shall either expressly or by its silence limit or restrict the investment of moneys of the estate and securities to the class authorized by law as legal investments, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys of the estate in any such common trust fund maintained by the trust institution if the securities composing such fund consist solely of securities of the class authorized as legal investments for funds held by a fiduciary.
HISTORY: 1962 Code Section 8-593; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-300. Authority of estates not restricted to legal investments.

If the instrument under which the trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after this article takes effect, shall authorize investments of moneys of the estate in a common trust fund or in investments other than those designated by law as legal investments, or shall authorize the trust institution, either alone or in conjunction with any person acting with it in a fiduciary capacity, to exercise its or their discretion with respect to the investment of moneys of the estate, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys, of the estate in any such common trust fund maintained by it. Any such common trust fund consisting solely of moneys of estates contributed thereto by the trust institution pursuant to authority contained in any such instruments creating the fiduciary capacity to invest moneys of the estates in a common trust fund, or in investments other than such legal investments, or pursuant to such discretionary powers with respect to the investment of moneys creating the fiduciary capacity, may be composed of investments other than those of the class designated by law as legal investments for funds held by fiduciaries.
HISTORY: 1962 Code Section 8-594; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-310. Limitation on interest of any one participant in collective investment fund.

Except in the case of collective investment funds described in Section 34-21-220(2), no funds or other property shall be invested in a participation in a collective investment fund if as a result of such investment the participant would have an interest aggregating in excess of ten percent of the then market value of the fund. Provided, that in applying this limitation, if two or more accounts are created by the same person or persons and as much as one half of the income or principal of each account is payable or applicable to the use of the same person or persons such accounts shall be considered as one.
HISTORY: 1962 Code Section 8-595; 1955 (49) 538; 1965 (54) 608; 1969 (56) 283.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-320. Making and withdrawing investments.

The trust institution shall invest the moneys of an estate in such common trust fund by adding them thereto, and by apportioning a participation therein to such estate in the proportion that the moneys of the estate added thereto bears to the aggregate value of all the securities of such fund at the time of such investment, including in such securities the moneys of the estate so added. The withdrawal of a participation of such common trust fund shall be on the basis of its proportionate interest in the aggregate value of all the securities of such fund at the time of such withdrawal, as hereinafter provided. The participating interest of any estate in such common trust fund may, from time to time, be withdrawn in whole or in part by the trust institution, and shall be so withdrawn within a period of three months following the written request so to do of any person acting with the trust institution in a fiduciary capacity.
Upon such withdrawals, the trust institution may make distribution in cash or ratably in kind, or partly in cash or partly in kind; provided, that all such distribution as of any one time shall be made on the same basis.
HISTORY: 1962 Code Section 8-596; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-330. Nature of interest in fund.

No fiduciary account owning or holding an investment or participation in a common trust fund, or any certificate of participation therein, shall be deemed to have individual ownership of any asset in such common trust fund, but shall be deemed to have only a proportionate undivided interest in the common trust fund.
HISTORY: 1962 Code Section 8-597; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-340. Certificates and other documents evidencing interest in fund shall not be issued.

No trust institution administering a collective investment fund shall issue any certificate or other document evidencing a direct or indirect interest in such fund in any form.
HISTORY: 1962 Code Section 8-598; 1955 (49) 538; 1965 (54) 608.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-350. Records of investments.

The trust institution shall designate clearly upon its records the names of the fiduciary accounts on behalf of which the trust institution, as fiduciary or cofiduciary, owns a participation in the common trust fund, and the extent of the interest of such fiduciary accounts therein.
HISTORY: 1962 Code Section 8-599; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-360. Trust institution shall not invest in own fund.

A trust institution shall not invest any of its own funds in a common trust fund administered by it, and if the trust institution, because of a creditor relationship or for any other reason, acquires any interest in a participation in such common trust funds, the participation shall be withdrawn on the first date on which such withdrawal can be effected. However, in no case shall an unsecured advance to an account holding a participation until the time of the next withdrawal be deemed to constitute the acquisition of an interest by the trust institution.
HISTORY: 1962 Code Section 8-599.1; 1955 (49) 538; 1965 (54) 608.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-370. Management fees prohibited; reimbursement for expenses.

Trust institutions shall not charge a fee for the management of a common trust fund administered by it or receive, either from the common trust fund or from any fiduciary account the funds of which are invested in participations therein, any additional fees, commissions or compensation of any kind by reason of such participation, but a trust institution shall not be prohibited from reimbursing itself out of a common trust fund for such reasonable expenses incurred by it in the administration thereof as would have been chargeable to the respective participating fiduciary accounts if incurred in the separate administration of such participating fiduciary accounts.
HISTORY: 1962 Code Section 8-599.2; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-380. Annual audit of fund; financial report.

(1) A trust institution administering a common trust fund shall at least once during each period of twelve months cause an adequate audit to be made of the common trust fund by auditors responsible only to the board of directors of the bank. In the event that such audit is performed by independent public accountants, the reasonable expenses of such audit may be charged to the common trust fund.
(2) A trust institution administering a common trust fund shall at least once during each period of twelve months prepare a financial report of the fund which shall be filed with the Comptroller of the Currency in the case of national banks and with the State Board of Bank Control in the case of State banks. This report, based upon the above audit, shall contain a list of the investments in the fund showing the cost and the market value of each investment; a statement for the period since the previous report showing purchases, with cost; sales, with profit or loss, and any other investment changes; income and disbursements; and an appropriate notation as to any investments in default.
(3) The financial report may include a description of the fund's value on previous dates as well as its income and disbursements during previous accounting periods. The report shall make no reference to the performance of funds other than those administered by the bank and no predictions or representations as to future results.
(4) A copy of the financial report shall be furnished, or notice shall be given that a copy of such report is available and will be furnished without charge upon request, to each person to whom a regular periodic accounting would ordinarily be rendered with respect to each participating account. In addition, a full report shall be furnished to any person, and the fact of the availability of such material may be given publicity solely in connection with the promotion of the fiduciary services of the trust institution. Except as herein provided, the trust institution shall not advertise or publicize its common trust fund(s). The cost of printing and distribution of the report shall be borne by the trust institution.
HISTORY: 1962 Code Section 8-599.3; 1955 (49) 538; 1965 (54) 608; 1969 (56) 733.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-390. Valuation of securities in fund.

At least once every three months the trust institution administering a common trust fund shall determine the value of the securities in the common trust fund. No participation shall be admitted to or withdrawn from the common trust fund, except on the basis of such valuation and on the date of the determination of such valuation or, if permitted by the plan, within ten business days subsequent to the date of such determination.
HISTORY: 1962 Code Section 8-599.4; 1955 (49) 538; 1978 Act No. 598.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-400. Court accounting of fund.

Unless ordered by a court of competent jurisdiction, a trust institution administering a common trust fund shall not be required to render a court accounting with regard to such fund, but it may file returns and make accounting in the same manner and for the same purposes as is provided by law for other fiduciaries.
HISTORY: 1962 Code Section 8-599.5; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-410. Mistakes in administration.

No mistake made in good faith and in the exercise of due care in connection with the administration of a common trust fund shall be deemed to be a violation of this article or of any rules or regulations issued pursuant thereto if promptly after discovery of the mistake the trust institution takes whatever action may be practical in the circumstances to remedy the mistake.
HISTORY: 1962 Code Section 8-599.6; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-420. Other common trust funds are not prohibited.

Nothing contained in this article shall prohibit a trust institution from establishing, maintaining, and administering one or more common trust funds differing from the requirements of this article, in which only investments or participations are made by such trust institution in accordance with specific contract authority.
HISTORY: 1962 Code Section 8-599.7; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-430. Obligations in which funds may be collectively invested.

In addition to the investments permitted under Section 34-21-220, funds or other property received or held by a trust institution as fiduciary may be invested collectively as follows:
(1) In a single real estate loan or a direct obligation of the United States, or an obligation fully guaranteed by the United States, if the trust institution owns no participation in the loan or obligation and has no interest therein except in its capacity as fiduciary.
(2) In any investments specifically authorized by court order or authorized by the instrument creating the fiduciary relationship.
(3) In such other manner as shall be approved in writing by the Comptroller of the Currency in the case of national banks and by the State Board of Bank Control in the case of State banks.
HISTORY: 1962 Code Section 8-599.6; 1955 (49) 538.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-20. Purpose.

This article sets forth the conditions under which a company may acquire a South Carolina bank or a South Carolina bank holding company. This article is intended not to discriminate against out-of-state holding companies in any manner that would violate Section 3(d) of the Bank Holding Company Act, as amended by Section 101 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Pub.L. No. 103-328.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-30. Board approval.

(a) Except as otherwise expressly permitted by federal law, no company may acquire a South Carolina bank holding company or a South Carolina state bank without the prior approval of the board.
(b) The prohibition in subsection (a) shall not apply where the acquisition is made:
(1) solely for the purpose of facilitating an acquisition otherwise permitted under this article;
(2) in a transaction arranged by the board or another bank supervisory agency to prevent the insolvency or closing of the acquired bank;
(3) in a transaction in which a bank forms its own bank holding company, if the ownership rights of the former bank shareholders are substantially similar to those of the shareholders of the new bank holding company; or
(4) in a transaction in which a bank sells stock to a company organized for the purpose of acquiring such bank, if the acquiring company is not, and is not expected to become, a subsidiary of any other company.
(c) In a transaction for which the board's approval is not required under this section, the parties shall give written notice to the board at least fifteen days before the effective date of the acquisition, unless a shorter period of notice is required under applicable federal law.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-40. Application.

(a) A company that proposes to make an acquisition under this article shall:
(1) file with the board a copy of the notice or application that such company has filed with the responsible federal bank supervisory agency, together with such additional information as the board may prescribe; and
(2) pay to the board the application fee, if any, prescribed by the board.
(b) To the extent consistent with the effective discharge of the board's responsibilities, the forms established under this article for application and reporting shall conform to those established by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act.
(c) In connection with an application received under this article, the board shall:
(1) require that prior notice of the application be published once in a daily newspaper of general circulation in South Carolina and provide an opportunity for public comment; and
(2) make the application available for public inspection to the extent required or permitted under applicable state or federal law.
(d) If the applicant is an out-of-state bank holding company that is not incorporated under the laws of this State, it shall submit with the application proof that the applicant has complied with applicable requirements of Section 33-15-101(a), or if not subject to Section 33-15-101(a), has appointed an agent for service of process in the State of South Carolina.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-50. Disapproval of application.

(a) Except as otherwise expressly provided in this section, the board shall not approve an acquisition under this article if upon consummation of the transaction the applicant, including any depository institution affiliated with the applicant, would control thirty percent or more of the total amount of deposits held by depository institutions in this State.
(b) The board by regulation may promulgate a procedure whereby the limitation on control of deposits set forth in subsection (a) of this section may be waived for good cause shown.
(c) The board shall not approve an application for an acquisition under this article unless the South Carolina bank to be acquired, or all South Carolina bank subsidiaries of the bank holding company to be acquired, has as of the proposed date of acquisition been in existence and in continuous operation for more than five years; provided, however, that this prohibition shall not apply to an acquisition in which a newly organized bank sells stock to an existing bank holding company that has at least one subsidiary that is a South Carolina bank.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-60. Time for decision; public hearing.

(a) The board shall decide whether to approve an acquisition under this article within sixty days after receipt of a completed application. However, if the board requests additional information from the applicant following receipt of a completed application, the time limit for decision by the board shall be the later of:
(1) the date set forth in this subsection (a); or
(2) thirty days after the board's receipt of the requested additional information.
(b) The board in its discretion may hold a public hearing in connection with an application if a significant issue of law or fact has been raised with respect to the proposed acquisition.
(c) If the board holds a public hearing within ninety days after receipt of an application, the time limit specified in subsection (a) shall be extended to thirty days after the conclusion of the public hearing.
(d) An application shall be deemed approved if the board takes no action on the application within the time limits specified in this section.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-70. Reporting.

(a) To the extent specified by the board by regulation, order or written request, each bank holding company that directly or indirectly controls a South Carolina state bank or a South Carolina bank holding company, shall submit to the board:
(1) one or more copies of each financial report filed by such company with any bank supervisory agency (except for any report the disclosure of which would be prohibited by applicable federal or state law), within fifteen days after the filing thereof with such agency; and
(2) an annual report, not later than April fifteenth of each year, specifying for each bank and branch in the state controlled by the bank holding company:
(i) the location;
(ii) the amount of deposits held as of the end of the preceding calendar year; and
(iii) the amount of loans made during the preceding calendar year to individuals and entities with addresses in this State.
(b) At the request of the board, to the extent permitted by applicable state or federal law, each bank holding company that controls a South Carolina state bank or a South Carolina bank holding company shall provide to the board copies of the reports of examination of such company or any such South Carolina state bank or South Carolina bank holding company.
(c) The board may examine a South Carolina bank holding company whenever the board has reason to believe that such company is not being operated in compliance with the laws of this State or in accordance with safe and sound banking practices.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-80. Agency agreements; prohibited activity.

(a) Any South Carolina state bank, upon compliance with the requirements of this section, may agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations, and perform such other services as may receive with the prior approval of the board, as an agent for an affiliated depository institution.
(b) A South Carolina state bank that proposes to enter into an agency agreement under this section shall file with the board, at least fifteen days before the effective date of the agreement, a notice of intention to enter into an agency agreement with an affiliated depository institution.
(c) If any proposed service is not specifically designated in subsection (a) of this section, and has not previously been approved in a regulation promulgated by the board, the board shall decide whether to approve the offering of such service within thirty days after receipt of the notice required by subsection (b). However, if the board requests additional information after reviewing such notice, the time limit for the board's decision shall be thirty days after receiving such additional information. In deciding whether to approve, either by regulation or order, any proposed service that is not specifically designated in subsection (a), the board shall consider whether such service would be consistent with applicable federal and state law and the safety and soundness of the principal and agent institutions. The board shall give appropriate notice to the public of each approval, by regulation or order, of any proposed service pursuant to this subsection (c).
(d) Any proposed service subject to subsection (c) shall be deemed approved if the board takes no action on the notice required by subsection (b) within the time limits specified in subsection (c).
(e) A South Carolina state bank may not under an agency agreement:
(1) conduct any activity as an agent that it would be prohibited from conducting as a principal under applicable state or federal law; or
(2) have an agent conduct any activity that the bank as principal would be prohibited from conducting under applicable state or federal law.
(f) The board may order a South Carolina state bank or any other depository institution subject to the board's enforcement powers to cease acting as an agent or principal under any agency agreement with an affiliated depository institution that the board finds to be inconsistent with safe and sound banking practices.
(g) Notwithstanding any other provision of the state law, a South Carolina state bank acting as an agent for an affiliated depository institution in accordance with this section shall not be considered to be a branch of that institution or agent for service of process as to that institution.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-90. Enforcement.

(a) The board may enforce the provisions of this article by any appropriate action in the courts of this State, including an action for injunctive relief, provided that the board promptly shall give notice to the home state regulator of any enforcement action initiated against an out-of-state bank holding company and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving said enforcement action.
(b) Any company which knowingly violates any provision of this chapter, or any regulation or order issued by the board pursuant to this chapter is guilty of a misdemeanor and, upon conviction, must be fined not more than one hundred dollars for each day during which the violation continues. Any individual who wilfully participates in a violation of this chapter, or any regulation, or order of the board issued pursuant to this chapter is guilty of a misdemeanor and, upon conviction, must be fined not more than five thousand dollars. Any officer, director, agent, or employee of a bank holding company or subsidiary of it who makes any false entry in any book, report, record, or statement of the company or subsidiary with the intent to deceive, or who, with like intent wilfully omits to make a true entry of any material pertaining to the business of the company or subsidiary in any book, report, record, or statement of the company or subsidiary, made or kept by him or under his direction, is guilty of a misdemeanor and, upon conviction, must be fined not more than ten thousand dollars or imprisoned not more than one year, or both.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-100. Board authority.

In order to carry out the purposes of this article, the board may:
(a) promulgate regulations in accordance with the Administrative Procedures Act;
(b) enter into cooperative, coordinating or information-sharing agreements with any other bank supervisory agency or any organization affiliated with or representing one or more bank supervisory agencies;
(c) accept any report of examination or investigation by another bank supervisory agency having concurrent jurisdiction over a South Carolina state bank or a bank holding company that controls a South Carolina state bank in lieu of conducting the board's own examination or investigation of such bank holding company or bank;
(d) enter into contracts with any bank supervisory agency having concurrent jurisdiction over a South Carolina state bank or a bank holding company that controls a South Carolina state bank to engage the services of such agency's examiners at a reasonable rate of compensation, or to provide the services of the board's examiners to such agency at a reasonable rate of compensation; provided that any such contract shall be deemed a sole source contract.
(e) enter into joint examinations or joint enforcement actions with any other bank supervisory agency having concurrent jurisdiction over any South Carolina state bank or any bank holding company that controls a South Carolina state bank; provided that the board may take any such action independently (except with respect to the examination of an out-of-state bank holding company) if the board determines that such action is necessary to carry out its responsibilities under this article or to enforce compliance with the laws of this State; and provided, further that in the case of an out-of-state bank holding company, the board shall recognize the exclusive authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters; and
(f) assess supervisory and examination fees that shall be payable by South Carolina banks and South Carolina bank holding companies in connection with the board's performance of its duties under this article and in accordance with regulations promulgated by the board. Such fees may be shared with other bank supervisory agencies or any organizations affiliated with or representing one or more bank supervisory agencies in accordance with agreements between them and the board.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-210. Purpose.

It is the intent of this article to permit interstate branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, in accordance with the provisions set forth in this article.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-230. Merger resulting in South Carolina state bank; board approval.

With the prior approval of the board, a South Carolina state bank may establish, maintain, and operate one or more branches in a state other than South Carolina pursuant to an interstate merger transaction in which the South Carolina state bank is the resulting bank. Not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant South Carolina state bank shall file an application on a form prescribed by the board and pay the fee prescribed by the board. The applicant also shall comply with the applicable provisions of the South Carolina Business Corporation Act of 1988. If the board finds that (i) the proposed transaction will not be detrimental to the safety and soundness of the applicant or the resulting bank, (ii) any new officers and directors of the resulting bank are qualified by character, experience, and financial responsibility to direct and manage the resulting bank, and (iii) the proposed merger is consistent with the convenience and needs of the communities to be served by the resulting bank in this State and is otherwise in the public interest, it shall approve the interstate merger transaction and the operation of branches outside of South Carolina by the South Carolina state bank. Such an interstate merger transaction may be consummated only after the applicant has received the board's written approval.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996 › Section 34-25-240. Merger resulting in out-of-state bank; board approval.

(a) One or more South Carolina banks may enter into an interstate merger transaction with one or more out-of-state banks under this article, and an out-of-state bank resulting from such transaction may maintain and operate the branches in South Carolina of a South Carolina bank that participated in such transaction, provided that the conditions and filing requirements of this article are met.
(b) Except as otherwise expressly provided in this subsection (b), an interstate merger transaction involving two or more banks both having offices in this State shall not be permitted under this article if, upon consummation of such transaction, the resulting bank (including all insured depository institutions that would be "affiliates" as defined in 12 U.S.C. Section 1841(k) of the resulting bank) would control thirty percent or more of the total amount of deposits held by all insured depository institutions in this State. The board by regulation may promulgate a procedure whereby the foregoing limitation on control of deposits may be waived for good cause shown. This subsection shall not apply with respect to any interstate merger transaction involving only affiliated banks.
(c) An interstate merger transaction resulting in the acquisition by an out-of-state bank of a South Carolina bank, or all or substantially all of the branches of a South Carolina bank, shall not be permitted under this article unless such South Carolina bank shall have been in continuous operation, on the date of such acquisition, for a period of at least five years.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.