reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-730. Withdrawal of deposited funds; withdrawal notice.

(1) Funds in share and deposit accounts may be withdrawn for payment to the account holder or to third parties, in such manner and in accordance with such procedures as are established by the board of directors.
(2) Share and deposit accounts shall be subject to any withdrawal notice requirement which is imposed pursuant to the bylaws.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-740. Payments on share accounts.

Payments on share accounts may be received from a minor who may withdraw funds from such accounts including the dividends and interest thereon. Payments on share accounts by a minor and withdrawals thereof by the minor shall be valid in all respects. For such purposes a minor is deemed of the age of majority.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-750. Ownership interests in share accounts; joint accounts.

(1) A member may designate any person or persons to own a share account with the member in joint tenancy with the right of survivorship, as a tenant in common or under any other form of joint ownership permitted by law, but no co-owner, unless a member in his own right, shall be permitted to vote, obtain loans, or hold office or be required to pay a membership fee. Credit union bylaws or policy, or both, shall establish membership and member's right to vote, obtain loans, or hold office.
(2) Payment of part or all of such accounts to any of the co-owners shall, to the extent of such payment, discharge the liability to all unless the account agreement contains a prohibition or limitation on such payment.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2007 Act No. 51, Section 6, eff upon approval (became law without the Governor's signature on June 7, 2007).
Effect of Amendment
The 2007 amendment, in subsection (1), added the second sentence relating to credit union bylaws.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-760. Share accounts held in trust; beneficiaries.

(1) Share and deposit accounts may be owned by one or more members in trust for one or more beneficiaries, or owned by one or more nonmembers in trust for one or more beneficiaries who are members.
(2) Beneficiaries may be minors, but no beneficiary unless a member in that person's own right, shall be permitted to vote in accordance with the bylaws, obtain loans, hold office, or be required to pay a membership fee.
(3) Payment of part or all of such a trust account to the party in whose name the account is held shall, to the extent of such payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of such payment.
(4) In the event of the death of the party who owns a trust account, if the credit union has been given no other written notice of the existence or terms of any trust and has not received a court order as to disposition of the account, account funds and any dividends or interest thereon may be paid to the beneficiary on request.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-770. Payable-on-death share accounts; effect of transfer of account.

Notwithstanding any other provision of law, a credit union may establish share and deposit accounts payable to one or more persons during their lifetimes and on the death of all of them to one or more payable-on-death payees. Any transfer to a payable-on-death payee is effective by reason of the account contract and shall not be considered to be a testamentary transfer.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-780. Account lien; right of set-off.

The credit union shall have a lien on the share accounts and accumulated dividends of a member for any sum owed the credit union by the member and for any loan endorsed by him. The credit union shall also have a right of immediate set-off with respect to every deposit account. The credit union may waive its right to a lien, to immediate set-off, to restrict withdrawals, or to any combination of such rights with respect to any share or deposit account or groups of such accounts.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-790. Requirement of incorporators to apply for insurance prior to application for charter.

(1) Before the incorporators of a credit union forward the application to the Board of Financial Institutions under Section 34-26-300(5), they shall apply for insurance on share and deposit accounts provided by the National Credit Union Administration under Title II of the Federal Credit Union Act or subsequent federal agency.
(2) A credit union which has lost its commitment for such insurance shall immediately notify the commissioner and commence steps to either liquidate or merge with an insured credit union.
(3) No application to form a credit union shall be approved by the Board of Financial Institutions to form a credit union unless they have obtained a commitment for insurance of its share and deposit accounts.
(4) The Board of Financial Institutions may share reports of condition and examination reports with the insuring organization.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-800. Loans and lines of credit; establishment of written policies.

A credit union may loan to members for such purposes and upon such conditions and by such means as the bylaws may provide. The board of directors shall establish written policies with respect to the granting of loans and the extending of lines of credit, including the terms, conditions, and acceptable forms of security.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-810. Interest rates.

The interest rates on loans shall be determined by the board of directors, subject to the limitations, if any, established by the South Carolina Consumer Protection Code. The board may also authorize any refund of interest on such classes of loans and under such conditions as it prescribes.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-820. Incidental fees and expenses.

(1) In addition to interest charged on loans, a credit union may charge members all reasonable expenses in connection with the making, closing, disbursing, extending, collecting, or renewing of loans allowed by the Consumer Protection Code.
(2) A credit union may assess charges to members, in accordance with the bylaws, for failure to meet their obligations to the credit union in a timely manner.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-840. Limitation of size of loan; in general.

The aggregate of direct or indirect loans to any one member shall be limited to fifteen percent of the credit union's reserves and undivided earnings. This limit shall not apply to loans which are fully secured by assignment of shares or deposits in the credit union or obligations of the United States Government. However, for credit unions in operation for five years or less, the aggregate of direct or indirect loans to any one member shall not exceed ten percent of the credit union's shares.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-850. Limitation on loan advances by approved line of credit; periodic review.

(1) Upon application by a member, the credit committee, or loan officer may approve a line of credit, and loan advances may be granted to the member within the limit of such line of credit. Where a line has been approved, no additional credit application is required as long as the aggregate indebtedness does not exceed the approved limit.
(2) Lines of credit shall be subject to periodic review by the credit union, in accordance with the written policies of the board of directors.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-860. Limitation on size of loan secured by real estate; approved collateral.

A credit union is authorized to make loans secured by real estate. The real estate collateral may consist of improved or unimproved property including, but not limited to, a mobile home, modular home, vacation home, property under construction, condominium, or single family dwelling which must be the borrower's primary residence.
Loan terms for unimproved real estate may not exceed fifteen years. Loan terms for a residential dwelling may not exceed the maximum allowed by FNMA or GNMA.
Real estate loan requirements for loan to value and certified appraisals shall not exceed maximums allowed for federally chartered credit unions.
A loan that does not require a certified appraisal requires an inspection by a credit union-appointed individual and evidence of value in the file. A loan application, note, and security instrument may be executed on current versions of FHA, VA, FHLMC, FNMA, or FHLMC/FNMA approved forms.
A loan may not be made on real estate located beyond the continental United States of America.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 1999 Act No. 49, Section 4, eff June 1, 1999; 2007 Act No. 51, Section 7, eff upon approval (became law without the Governor's signature on June 7, 2007).
Effect of Amendment
The 1999 amendment, in the first undesignated paragraph, inserted "vacation homes,".
The 2007 amendment rewrote this section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-870. Credit union participation in joint loan with other credit union.

A credit union may participate in loans to credit union members jointly with other credit unions pursuant to written policies established by the board of directors. A credit union which originates such a loan shall retain an interest of at least ten percent of the face amount of the loan.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-880. Credit union participation in federal or state loan programs; other powers.

(1) A credit union may participate in any guaranteed loan program of the federal or state government under the terms and conditions specified in the law under which such a program is provided.
(2) A credit union may purchase conditional sales contracts, notes, and similar instruments of its members.
(3) A credit union may finance for any person by way of installment sales contract the sale of the credit union's property, including property obtained as a result of defaults in obligations owed to it.
(4) A credit union may engage in the leasing of personal property to its members.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-890. Limitation on loans to directors and members of supervisory and credit committees.

(1) A credit union may make loans to its directors and members of its supervisory and credit committees, provided that:
(a) the loan complies with all requirements of this chapter and is not on terms more favorable than those extended to other borrowers; and
(b) the aggregate of loans to such officials, excepting those secured by shares or deposits, may not exceed fifteen percent of the credit union's reserves and undivided earnings.
(2) A credit union may permit officers, directors, and members of its supervisory and credit committees to act as comakers, guarantors, or endorsers of loans to family members, subject to the requirements of subsection (1) above. Officials may secure loans for other members with shares on deposit.
(3) A credit union may make loans to its employees.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-910. Insurance for officers, agents, and employees.

A credit union may purchase and maintain insurance on behalf of any person who is or was an elected official, officer, employee, or agent of the credit union, or who is or was serving at the request of the credit union as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise against any liability asserted against such person in any such capacity or arising out of such person's status as such, whether or not the credit union would have the power to indemnify such person against such liability.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-920. Marketing arrangements.

A credit union may enter into marketing arrangements with other credit unions, organizations, or financial institutions to facilitate its members' voluntary purchase of goods, insurance, and other services from third parties. A credit union may be compensated for services so provided.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-930. Collection, receipt, and disbursement in connection with negotiable instruments; automated services; fees.

A credit union may collect, receive, and disburse monies in connection with the providing of negotiable checks, money orders, travelers checks, wire transfers, and sight drafts, and the providing of services through automated teller machines and for such other purposes as may provide benefit or convenience to its members. A credit union may charge fees for such services.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-940. Retirement, pension, profit-sharing, and deferred income accounts.

A credit union may act as trustee or custodian of any form of retirement, pension, profit-sharing, or deferred income accounts authorized under federal law or the laws of this State including, but not limited to, individual retirement accounts, pension funds of self-employed individuals, and pension funds of a company or organization whose employees or members are eligible for membership in the credit union.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1000. Investment of credit union funds; investment committee.

The board of directors shall have charge of the investments of funds, except that the board may designate an investment committee or investment officer to make investments in its behalf, under written investment policies established by the board.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1020. Permissible investments of credit union funds.

Funds not used in loans to members may be invested:
(1) in any investment which is legal for state-chartered banks;
(2) in deposits, obligations, or other accounts of financial institutions organized under state or federal law;
(3) in loans to or in shares or deposits of other credit unions or corporate credit unions;
(4) in deposits, in loans to, or shares of any Federal Reserve Bank, U.S. Central Credit Union, or of any central liquidity facility established under state or federal law;
(5) in shares, stocks, deposits in, loans to, or other obligations of any credit union service organization, or association exclusively providing services associated with the credit union or engaging in activities incidental to the operations of a credit union. Investments in the aggregate may not exceed fifteen percent of the credit union's reserves and undivided profits;
(6) in participation loans with other credit unions;
(7) in fixed assets; and
(8) in charitable donation accounts if those accounts meet the requirements of 12 C.F.R. 721.3. A credit union shall notify the commissioner before it establishes a charitable donation account.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2018 Act No. 186 (S.337), Section 4, eff May 15, 2018.
Effect of Amendment
2018 Act No. 186, Section 4, amended the section, allowing for an investment in certain charitable donation accounts.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1100. Determination of gross earnings; reservation of reserve; waiver of reserve requirement.

Immediately before the payment of each dividend, the gross earnings of the credit union shall be determined. From this amount, there shall be set aside as a regular reserve for contingencies in accordance with the following schedule:
(1) A credit union in operation for more than four years and having assets of five hundred thousand dollars or more shall set aside:
(a) ten percent of gross income until the regular reserve shall equal four percent of the total outstanding nonshare secured loans and risk assets;
(b) five percent of gross income until the regular reserve shall equal six percent of the total outstanding nonshare secured loans and risk assets.
(2) A credit union in operation less than four years or having assets of less than five hundred thousand dollars shall set aside:
(a) ten percent of gross income until the regular reserve shall equal seven and one-half percent of the total outstanding nonshare secured loans and risk assets; and
(b) five percent of gross income until the regular reserve shall equal ten percent of the total outstanding nonshare secured loans and risk assets.
(3) Whenever the regular reserve falls below the level required by regulation, it shall be replenished by regular contributions in such amounts as may be needed to maintain the required level.
(4) The Board of Financial Institutions may decrease or waive entirely the reserve requirement for an individual credit union in one or more accounting periods having determined such action is necessary or desirable.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1110. Permissible use of reserve; effect of liquidation of credit union.

The regular reserve shall belong to the credit union and shall be used to meet contingencies or losses in its business. The regular reserve shall not be distributed except on liquidation of the credit union, or in accordance with a plan approved by the Board of Financial Institutions.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1120. Special reserves.

In addition to the regular reserve, special reserves to protect the interest of members shall be established when required by regulation or when found by the board of directors of the credit union or by the commissioner, in any special case, to be necessary for that purpose. These may include allowances for loan losses, investment losses, or any other reserves the board of directors may establish.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1210. Merger.

A credit union organized under this chapter may, with the approval of the Board of Financial Institutions regardless of common bond, merge with one or more credit unions organized under this chapter, the laws of another state or territory of the United States, or the laws of the United States with approval of each credit union's regulator.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1220. Conversion of credit union to organization under laws of another state or United States; requirement of member approval.

(1) A credit union incorporated under the laws of this State may be converted to a credit union organized under the laws of any state or under the laws of the United States, or a credit union organized under the laws of the United States or of any other state may convert to a credit union incorporated under the laws of this State.
(2) To effect such a conversion, a credit union must receive the approval of a majority of the members voting in accordance with the credit union's bylaws on the question of a charter conversion and upon the approval of the credit union's current and future regulator.
(3) The assets and liabilities of the predecessor credit union will vest in and become the property of the successor credit union subject to all existing liabilities against the predecessor credit union. Members of the predecessor credit union may become members of the successor credit union pursuant to this chapter.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2021 Act No. 30 (S.467), Section 18, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 18, inserted the (1) designator and redesignated the second sentence as (2); in (2), deleted "two-thirds" following "approval of a"; and added (3).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1300. Corporate credit union.

(1) A corporate credit union may be incorporated under this article. All parts of this chapter not inconsistent with this article shall apply to it.
(2) Only one corporate credit union shall be so incorporated. No other credit union may use the term "corporate credit union" in its name.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1310. Purposes of corporate credit union.

The purposes of the corporate credit union are to:
(a) accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;
(b) act as an intermediary for credit union funds between members and other corporate credit unions;
(c) obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;
(d) foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth, and development of member credit unions;
(e) provide payment systems and correspondent services to its members; and
(f) perform such other services of benefit to its members which are authorized by the Board of Financial Institutions.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1320. Corporate credit union membership.

(1) Membership in the corporate credit union shall consist of and be limited to the credit union subscribers to the articles of incorporation, credit unions incorporated under this chapter, the Federal Credit Union Act or any other credit union act, organizations or associations of credit unions, and such other organizations provided for in the articles of incorporation.
(2) A member of the corporate credit union shall designate one person to be its authorized representative to attend meetings of the corporate credit union and to vote on behalf of the member. A credit union member of the corporate credit union may only designate as its authorized representative a member of its own credit union. No person may serve as the authorized representative of more than one member of the corporate credit union.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1330. Application to form corporate credit union.

(1) Application to form a corporate credit union shall be made in writing to the Board of Financial Institutions. The application shall contain the names of at least ten percent of the credit unions in the proposed field of membership that have agreed to subscribe to shares in the corporate credit union at the time the application is made.
(2) The application shall be accompanied by articles of incorporation, bylaws, and a copy of the application for share insurance.
(3) The bylaws shall provide for the selection of a board of directors of at least five persons, all of whom shall be authorized representatives of members. The bylaws shall require those applying for membership to subscribe to membership shares or other shares, or both, in a minimum amount as specified in the bylaws.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1340. Powers and privileges of corporate credit union.

(1) The corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter in addition to those powers enumerated in this article, notwithstanding any limitations or restrictions found elsewhere in this chapter.
(2) The corporate credit union may:
(a) accept funds, either as shares or deposits, from a member credit union or credit union organizations;
(b) make loans to or invest in a member credit union;
(c) make loans to or place deposits in a bank, savings bank, trust company, or savings and loan association incorporated by this State, by another state, or by the United States;
(d) provide payment systems and correspondent services to its members;
(e) participate with any credit union incorporated by this State, another state, or the United States in making loans to its members or to members of any other participating credit union, under the terms and conditions to which the participating credit unions agree;
(f) purchase, sell, and hold investment securities as stated in Section 34-26-1020 which are marketable obligations in the form of bonds, notes, or debentures which are salable under ordinary circumstances with reasonable promptness at a fair value. All investments and related contracts and agreements shall be made in accordance with written investment policies established by the board of directors;
(g) borrow from any source, at the discretion of its board of directors;
(h) authorize its board of directors to delegate the authority to set interest rates on loans and deposits and to determine dividends on shares;
(i) contract for penalties for payment of loans prior to the scheduled maturity;
(j) sell all or a part of its real estate to another depository financial institution, purchase all or part of the real estate of another depository financial institution, and assume the liabilities of the selling depository financial institution and those of its members or depositors;
(k) act as intermediary for the funds of members, credit unions, and other corporate credit unions;
(l) act as agent for members, other credit unions and credit union organizations in paying, receiving, transferring the assets and liabilities received and invested as permitted in this article;
(m) receive and hold in safekeeping the securities and other assets of its members and, in connection therewith, make such disposition of such assets as may be agreed to or directed by the member; and
(n) exercise all incidental powers that are convenient, suitable, or necessary to enable it to carry out its purposes.
(3) The corporate credit union may exercise the powers or privileges granted a federal corporate credit union, subject to the approval of the Board of Financial Institutions.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1350. Participation in National Credit Union Administration Central Liquidity Facility; other state and federal financial systems; agreements with third parties.

The corporate credit union may enter into agreements and subscribe to any required shares for the purpose of participation in the National Credit Union Administration Central Liquidity Facility created by Public Law 95-630 or any other state or federal central financial system available to credit unions. It may also enter into agreements with any third parties to aid credit unions to obtain additional sources of liquidity.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1360. Acceptance of security for loans; pledges, assignments, hypothecation, or mortgages.

The corporate credit union may require and accept security for loans to a member in the form of a pledge, assignment, hypothecation, or mortgage of any assets of the member or a guarantor.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1370. Board of directors of corporate credit union meetings.

The board of directors of the corporate credit union shall meet at least every month in person or by means of telephone as provided in the bylaws.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1380. Corporate credit union reserve requirements; exemptions.

(1) The corporate credit union shall be exempt from the regular reserve requirements of Article 11, but at the end of each dividend period and prior to paying a dividend, or at the option of the credit union, on a monthly basis if dividends are paid more frequently than monthly, sums shall be set aside in a corporate reserve in accordance with the following schedule:
(a) When the credit union's corporate reserve and undivided earnings are less than four percent of assets at the end of the transfer period, the credit union shall set aside an amount equal to .0015 times the credit union's average daily assets for the transfer period times the number of days in the transfer period, divided by three hundred and sixty-five.
(b) This reserve requirement may be changed from time to time by the board as it deems appropriate.
(2) Charges may be made to the corporate reserve for loan losses and for investment losses caused by factors other than trading losses or market fluctuations. Other charges to the corporate reserve may only be made with the prior approval of the commissioner.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 26 - South Carolina Credit Union Act › Section 34-26-1390. Annual audit and report.

(1) The supervisory committee of the corporate credit union shall cause an annual opinion audit to be made by an independent certified public accountant and shall submit the annual audit report to the board of directors. A summary of the audit report shall be submitted to the membership at the next annual meeting.
(2) A copy of the audit report shall be submitted to the Board of Financial Institutions within thirty days after receipt by the board of directors.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 28 - Savings Associations › Section 34-28-10. Short title of Articles 1 through 10.

Articles 1 through 10 of this chapter are known and may be cited as the "South Carolina Savings Association Act". Wherever "this Act" appears in this chapter, unless the context clearly indicates otherwise, it means Articles 1 through 10 of Chapter 28 of Title 34.
HISTORY: 1985 Act No. 124, Section 1.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 28 - Savings Associations › Section 34-28-20. Application of the South Carolina Business Corporation Act.

When not in direct conflict with or superseded by specific provisions of this chapter, the provisions of the South Carolina Business Corporation Act, Chapters 1 to 25 of Title 33, apply to any association organized or operated under this chapter.
HISTORY: 1985 Act No. 124, Section 1.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 28 - Savings Associations › Section 34-28-130. Articles of incorporation content; approval by board; amendment.

(1) The Articles of Incorporation of an association shall contain:
(a) The name of the proposed association, which shall comply with Section 34-28-110, and in the case of a stock-owned association must contain the word "corporation", "incorporated", "limited", or "company" or an abbreviation thereof sufficient to distinguish a stock-owned association from a mutual association;
(b) The address of the principal office of the association in South Carolina, including the county and municipality where it is located, together with a registered agent for receiving service of process and the address of the agent if it differs from that of the principal office of the association;
(c) The period of duration of the corporation which is deemed perpetual unless otherwise stated;
(d) The general nature of the business to be transacted or a statement that the association may engage in any activity or business permitted to associations under this chapter and other provisions of Title 34. This statement shall authorize all those activities and business by the association;
(e) With respect to a stock-owned association, the amount of capital stock authorized, showing the maximum number of shares of par value common stock and of preferred stock, and of every kind, class, or series of each, together with the distinguishing characteristics and the par value of all shares;
(f) The amount of capital with which the association will begin business;
(g) The number of directors, which may not be fewer than five, and the names and street addresses of the members of the first board of directors who, unless otherwise provided by the Articles of Incorporation, the bylaws, or this chapter, shall hold office for the term set forth in Section 34-28-420(4) or until their successors are elected or appointed and have qualified;
(h) The names, and addresses of all the incorporators, not less than ten in number;
(i) Any other provisions authorized or permitted to be in the Articles of Incorporation of a corporation by Chapters 1 to 25 of Title 33 which the incorporators elect to include therein.
(2) The Articles of Incorporation must be in writing, signed by all the incorporators, and submitted to the Board for its approval. Upon approval, the Board shall place the following legend upon the Articles of Incorporation "Approved by the Board of Financial Institutions this ___ day of ___, ___ (herein the name and signature of the Chairman of the Board)". Thereafter, the Articles of Incorporation must be filed with the Secretary of State.
(3) An association shall not amend its Articles of Incorporation without the prior written approval of the Board.
HISTORY: 1985 Act No. 124, Section 1.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 28 - Savings Associations › Section 34-28-140. Bylaws.

Unless the Articles of Incorporation provide otherwise, the Board of Directors of an association shall have authority to adopt or amend bylaws that do not conflict with bylaws that may have been adopted by the members or stockholders. The bylaws are for the government of the association, subordinate only to the Articles of Incorporation and the laws of the United States and of this State. A current copy of the bylaws must be filed with the Board.
HISTORY: 1985 Act No. 124, Section 1.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 28 - Savings Associations › Section 34-28-150. Opening for business.

(1) An association shall open and conduct a general savings and loan business no later than twelve months after the commencement of its corporate existence (Section 34-28-100(5)). The Board may extend the opening date for an additional period on its own motion or at the request of the association, for good cause shown.
(2) At the time as subscriptions for stock in a proposed stock association have been fully paid (and in the case of a mutual association, at the time as the capital required by the Board has been paid in cash to the association in the form of pledged savings accounts meeting the standards specified by regulation issued by the Board), but no later than thirty days prior to intended opening date, the association shall file with the Board a statement containing the name and address of each subscriber and the amount of capital subscribed by each and, showing that the entire capital required by the Board has been unconditionally and fully paid in lawful money and that the funds or assets representing the required capital are held by the association, that a commitment for the insurance of all deposit accounts has been obtained from the Federal Savings and Loan Insurance Corporation or any successor or assignee federal agency established for the purpose of insuring savings and other deposit accounts in associations and that all other conditions imposed by the Board pursuant to Section 34-28-100(5) have been satisfied.
(3) If the Board finds that the association has in good faith complied with all the requirements of law, and that the association's deposit accounts are properly insured, it shall promptly issue, in duplicate, under its official seal, a certificate of authorization to transact a general savings and loan business.
(4) Upon opening for business, an association shall have power to engage in a general savings and loan business and to exercise, subject to law and the regulations of the Board, all those incidental powers as may reasonably promote its general savings and loan business.
HISTORY: 1985 Act No. 124, Section 1.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 28 - Savings Associations › Section 34-28-230. Power to reorganize, merge, consolidate, or sell assets out of the ordinary course of business.

(1) Pursuant to a plan adopted by the board of directors and approved by the Board as equitable and as adequately protecting the interests of the association, its members or stockholders, its deposit account holders, and the public, an association shall, subject to Article 4 of this chapter, have power to reorganize, to merge, or consolidate into another association or company, or to sell all or substantially all of its assets out of the ordinary course of business to another association or company, provided the plan of the reorganization, merger, or consolidation or sale of assets meets the procedural requirements of the South Carolina Business Corporation Act, Chapters 1 to 25 of Title 33, for these transactions.
(2) The Board may provide by regulation for the procedures to be followed by any association submitting a plan of reorganization, merger, or consolidation pursuant to this section.
(3) The Board may not approve any proposed transactions set forth in this section:
(a) Which would result in a monopoly, or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the savings and loan business in this State; or
(b) The effect of which in this State may be substantially to lessen competition, or to tend to create a monopoly, or which in any other manner would be in restraint of trade, unless it finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the proposed reorganization, merger, or consolidation or sale of assets in meeting the convenience and needs of the primary service area to be served.
(4) Each application for reorganization, merger, consolidation, or sale of assets out of the ordinary course of business must be accompanied by a nonrefundable filing fee as determined by the Board.
(5) In the event of any conflict between this section and Article 4 of this chapter, the provisions of Article 4 shall control.
HISTORY: 1985 Act No. 124, Section 1.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 28 - Savings Associations › Section 34-28-240. Voluntary supervisory stock conversions.

(1) A voluntary supervisory stock conversion is a conversion involving the sale of a mutual association's newly issued stock to a third party or parties in a transaction in which the association's members have no rights of approval or participation, and no rights to the continuance of any legal or beneficial ownership interest in the converted association pursuant to a conversion plan approved by the Board and a majority of the board of directors of the converting association.
(2) The Board shall have the discretion to approve a voluntary supervisory stock conversion, subject to regulations it may promulgate, when:
(a) It has the power to appoint a receiver for the purpose of liquidation of the converting association pursuant to Section 34-28-730;
(b) Upon liquidation the mutual account holders of the converting association would not realize any equity value;
(c) The converting association is in receivership, or has been authorized to receive assistance under Section 406 of the National Housing Act, l2 U.S.C. Section 1729, or the Board has determined that a severe financial condition exists which threatens the financial condition of the converting association and that approval of the voluntary supervisory conversion is likely to improve the converting association's financial condition; and
(d) The Board finds that following the conversion, the converting association will be a viable entity.
HISTORY: 1985 Act No. 124, Section 1.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 28 - Savings Associations › Section 34-28-250. Supervisory case; emergency conversion, reorganization and merger.

(1) The Board may determine that an association is a supervisory case if it finds that:
(a) The association is in an impaired condition (Section 34-28-30(10)); or
(b) The association is in imminent danger of being in an impaired condition. Any of these findings by the Board must be based upon reports furnished to it by a savings and loan association examiner or upon other evidence from which it is reasonable to conclude that the association is a supervisory case.
(2) Notwithstanding any other provisions of this chapter, if the Board finds that immediate action is necessary in order to prevent the probable failure of an association which is a supervisory case, the Board shall have the power, with the concurrence of the appropriate federal regulatory agency in the case of any association the deposits of which are insured by the Federal Savings and Loan Insurance Corporation, to issue an emergency order authorizing:
(a) the conversion of the association into a federal association without change of business form;
(b) the reorganization, merger, or consolidation of the association;
(c) the conversion of the association into a capital stock association; or
(d) any state or federal association to acquire the assets of and assume the liabilities of the failing association.
HISTORY: 1985 Act No. 124, Section 1.