reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-620. Relationship with Federal Deposit Insurance Corporation generally.

Any banking institution organized under the laws of this State may, on the authority of its board of directors and upon approval of the State Board of Bank Control, enter into such contracts, incur such obligations and generally do and perform any and all such acts and things whatsoever as may be necessary or appropriate in order to take advantage of any and all memberships, loans, subscriptions, contracts, grants, rights or privileges which may at any time be available or inure to banking institutions or to their depositors, creditors, stockholders, conservators, receivers or liquidators by virtue of those provisions of Section 8 of the Federal "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended) which establish the Federal Deposit Insurance Corporation and provide for the insurance of deposits or of any other provisions of that or of any other act or resolution of Congress to aid, regulate or safeguard banking institutions and their depositors including any amendments of such provisions or any substitutions therefor. And any such banking institution may also, upon approval of the State Board of Bank Control subscribe for and acquire any stock, debentures, bonds or other types of securities of the Federal Deposit Insurance Corporation and comply with the lawful regulations and requirements from time to time issued or made by such corporation.
HISTORY: 1962 Code Section 8-272; 1952 Code Section 8-272; 1942 Code Section 7837; 1935 (39) 482; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-630. Federal Deposit Insurance Corporation as receiver or liquidator.

The Federal Deposit Insurance Corporation may, with the approval of the State Board of Bank Control, be and act without bond as receiver or liquidator of any banking institution the deposits in which are to any extent insured by the Corporation and which shall have been closed on account of inability to meet the demands of its depositors.
The State Board of Bank Control may, in the event of such closing, tender to the Corporation the appointment as receiver or liquidator of such banking institution and, if the Corporation accepts such appointment, it shall have all the powers and privileges provided by the laws of this State with respect to a receiver or liquidator of a banking institution, its depositors and other creditors and be subject to all the duties of such receiver or liquidator.
HISTORY: 1962 Code Section 8-273; 1952 Code Section 8-273; 1942 Code Section 7837; 1935 (39) 482; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-640. Assets pass to Federal Deposit Insurance Corporation on appointment as receiver of liquidator.

Upon the acceptance of the appointment as receiver or liquidator as aforesaid by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business and property of such banking institution of every kind and nature shall, with the consent of the Commissioner of Banking, pass to and vest in the Corporation.
HISTORY: 1962 Code Section 8-274; 1952 Code Section 8-274; 1942 Code Section 7837; 1935 (39) 482; 1934 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-650. Federal Deposit Insurance Corporation subrogated to rights of depositors paid by it.

Whenever any banking institution shall have been closed as aforesaid and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the Corporation, whether or not it shall become receiver or liquidator of such closed banking institution, shall be subrogated to all rights of the owners of such deposits against such closed banking institution in the same manner and to the same extent as subrogation of the Corporation is provided for in subsection (1) of Section 12B of the Federal Reserve Act, as amended (being Section 8 of the Federal "Banking Act of 1933") or in any amendments thereof or any substitutions therefor, in the case of the closing of a national bank. But the rights of depositors and other creditors of such closed institutions shall be determined in accordance with the applicable provisions of the laws of this State.
HISTORY: 1962 Code Section 8-275; 1952 Code Section 8-275; 1942 Code Section 7837; 1935 (39) 482; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-660. Closed institutions may borrow or sell assets to Federal Deposit Insurance Corporation.

With respect to any banking institution which is closed (a) on account of inability to meet the demands of its depositors, (b) by action of the Commissioner of Banking or of a court or (c) by action of its directors or in the event of its insolvency or suspension, the Commissioner of Banking or the receiver or liquidator of such institution with the permission of the Commissioner of Banking may borrow from the Federal Deposit Insurance Corporation and furnish any part or all of the assets of such institution to such Corporation as security for a loan from it. But when the Corporation is acting as such receiver or liquidator the order of a court of record of competent jurisdiction shall be first obtained approving such loan. Upon an order of a court of record of competent jurisdiction and with the permission of the Commissioner of Banking, the receiver or liquidator of any such institution may sell to the Corporation any part or all of the assets of such an institution. The provisions of this section shall not be construed to limit the power of any banking institution, the Commissioner of Banking or receivers or liquidators to pledge or sell assets in accordance with any existing law.
HISTORY: 1962 Code Section 8-276; 1952 Code Section 8-276; 1942 Code Section 7837; 1935 (39) 482; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-820. Time corporate existence as state bank commences.

After the issuance of such certificate by the Secretary of State and the payment to him of the same fees as would be payable for the incorporation of a bank under the laws of this State with a similar capital stock, the corporate existence of such bank as a state bank shall begin as soon as its dissolution as a national banking corporation or state banking corporation becomes effective.
HISTORY: 1962 Code Section 8-122; 1952 Code Section 8-122; 1942 Code Section 7866; 1932 Code Section 7834; 1926 (34) 945; 2021 Act No. 30 (S.467), Section 7, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 7, substituted "state bank" for "State bank" and inserted "or state banking corporation" following "national banking corporation".
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-840. Directors and organization.

Unless otherwise elected by the shareholders of the national banking corporation or state banking corporation, the directors and officers of the national banking corporation or state banking corporation in office at the time of its dissolution shall be the directors and officers of the bank created in pursuance of this article until the first annual election of directors and officers thereafter and may take all necessary measures to perfect its organization and to adopt such bylaws and regulations concerning its business and management as may be proper and not inconsistent with law.
HISTORY: 1962 Code Section 8-124; 1952 Code Section 8-124; 1942 Code Section 7866; 1932 Code Section 7834; 1926 (34) 945; 2021 Act No. 30 (S.467), Section 9, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 9, at the beginning, substituted "Unless otherwise elected by the shareholders of the national banking corporation or state banking corporation, the" for "The" and inserted "or state banking corporation" following "national banking corporation".
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-10. "Bank" defined.

As used in this chapter the term "bank" includes building and loan associations.
HISTORY: 1962 Code Section 8-281; 1952 Code Section 8-281; 1942 Code Section 7929-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-20. Appointment of conservator of a bank.

Whenever it shall deem it necessary in order to conserve the assets of any bank for the benefit of the depositors and other creditors thereof the Board may appoint a conservator for any bank and require of him such bond and security as the Board deems proper.
HISTORY: 1962 Code Section 8-282; 1952 Code Section 8-282; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-30. Federal Deposit Insurance Corporation as conservator.

Nothing contained in this chapter shall be construed to prevent the Board from appointing the Federal Deposit Insurance Corporation conservator or receiver of any closed bank and the Board may in its discretion so appoint the Federal Deposit Insurance Corporation as conservator or receiver of any closed bank as provided for under the terms of Section 264, Title 12, United States Code Annotated (49 Statute 684) and the provisions of Section 34-3-630.
HISTORY: 1962 Code Section 8-283; 1952 Code Section 8-283; 1942 Code Section 7829-8; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-40. Persons who may not be conservators.

No person shall be appointed conservator of any institution under the provisions of this chapter who was an officer, director or attorney of such institution at the time the Board determined to create such conservatorship or who within two years prior to that time had been such officer, director or attorney.
HISTORY: 1962 Code Section 8-284; 1952 Code Section 8-284; 1942 Code Section 7829-9; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-50. Powers of conservator; rights of other persons.

The conservator, who shall serve at the pleasure of and under the direction of the Board, shall take possession of the books, records and assets of every description of such bank and take such action as may be necessary to conserve the assets thereof pending further disposition of its business as provided by law. He shall have all rights, powers and privileges now possessed by or hereafter given receivers of insolvent banks and shall be subject to the obligations and penalties, not inconsistent with the provisions of Sections 34-1-60, 34-1-70, 34-3-310, 34-3-320, 34-5-50 to 34-5-80 and 34-5-100 to 34-5-150, to which receivers are now or may hereafter become subject. During the time that the conservator remains in possession of such bank the rights of all persons with respect thereto shall, subject to the other provisions of this chapter, be the same as if a receiver had been appointed therefor.
HISTORY: 1962 Code Section 8-285; 1952 Code Section 8-285; 1942 Code Section 7829-7; 1936 (39) 1484.
Editor's Note
Section 34-1-70, referenced in the text, was repealed by 2021 Act No. 30, Section 19, effective May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-60. Expenses of conservator; attorney.

All expenses of any such conservatorship shall be paid out of the assets of such bank and shall be a lien thereon which shall be prior to any other lien. The conservator shall receive as salary an amount to be fixed by the Board. The conservator may employ an attorney or attorneys at such reasonable compensation as may be agreed upon; provided, that such employment shall be subject to the written approval of the Board.
HISTORY: 1962 Code Section 8-286; 1952 Code Section 8-286; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-70. Withdrawal of deposits and payment of creditors.

While such bank is in the hands of a conservator the Board may require the conservator to set aside and make available for withdrawal by depositors and payment to other creditors, on a ratable basis, such amounts as in the opinion of the Board may safely be used for this purpose.
HISTORY: 1962 Code Section 8-287; 1952 Code Section 8-287; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-80. Receipt of deposits.

The Board may, in its discretion, but only if local conditions render it advisable, permit the conservator to receive deposits. But deposits received while the bank is in the hands of a conservator shall not be subject to any limitation as to payment or withdrawal and such deposits shall be segregated and shall not be used to liquidate any indebtedness of such bank existing at the time that a conservator was appointed for it or any subsequent indebtedness incurred for the purpose of liquidating any indebtedness of such bank existing at the time such conservator was appointed. Such deposits received while the bank is in the hands of a conservator shall be kept on hand in cash, invested in the direct obligations of the United States or of this State, either or both, or deposited with such bank or banks as may be designated by the Board.
HISTORY: 1962 Code Section 8-288; 1952 Code Section 8-288; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-90. Conservators may borrow to pay dividends or to reopen.

The Board may, for the purpose of securing funds to pay a dividend to depositors or for the purpose of reopening any bank, banking corporation or trust company operated by a conservator under the Board, authorize and empower any conservator to borrow such sum of money, in the corporate name of such bank, banking corporation or trust company, as the Board may order, and evidence such indebtedness by a note or notes, payable at such time as the notes may provide and bearing such interest rate or discount as may therein be provided, securing the payment of such note by a pledge of all or any of the assets of such bank, banking corporation or trust company in the hands of such conservator. Any note and the pledge of any securities, assets or other property of any such conservator made and delivered as herein provided shall be binding upon and constitute a liability of any such bank, banking institution or trust company.
HISTORY: 1962 Code Section 8-289; 1952 Code Section 8-289; 1942 Code Section 7829-13; 1934 (38) 1560; 1982 Act No. 385, Section 57(2)(c).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-100. Termination of conservatorship.

If the Board becomes satisfied it may safely be done and that it would be in the public interest, it may, in its discretion, terminate any such conservatorship and permit such bank to resume the transaction of its business subject to such terms, conditions, restrictions and limitations as the Board may prescribe.
HISTORY: 1962 Code Section 8-290; 1952 Code Section 8-290; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-110. Reorganization of bank.

Any bank in the hands of a conservator may be reorganized:
(1) When the Board shall be satisfied that the plan of reorganization is fair and equitable as to all depositors, other creditors and stockholders and is in the public interest and when the Board shall have approved the plan subject to such conditions, restrictions and limitations as it may prescribe; and
(2) When, after reasonable notice of such reorganization, both depositors and other creditors representing at least seventy-five per cent in amount of the total deposits and other liabilities and stockholders owning at least two thirds of its outstanding capital stock as shown by the books of the bank shall have consented in writing to the plan of reorganization; provided, however, that claims of depositors or other creditors which will be satisfied in full under the provisions of the plan of reorganization shall not be included among the total deposits and other liabilities of the bank in determining the seventy-five per cent thereof above required.
HISTORY: 1962 Code Section 8-291; 1952 Code Section 8-291; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-120. Publication of notice of reorganization.

Before the conservator shall return the affairs of the bank to its directors he shall cause to be published in a newspaper in the city, town or county in which such bank is located or, if no newspaper is published in such city, town or county, in a newspaper published in this State to be selected by the Board a notice in form approved by the Board, stating the date on which the affairs of the bank will be returned to its directors and that the provisions of Sections 34-5-70 and 34-5-80 will not be effective after the expiration of fifteen days from such date. On the date of the publication of such notice the conservator shall immediately send to every person who is a depositor in such bank under Section 34-5-80 a copy of such notice by registered mail addressed to the last known address of such person as shown by the records of the bank and the conservator shall send a similar notice in like manner to every person making deposits in such bank under Section 34-5-80 after the date of such newspaper publication and before the affairs of the bank are returned to its directors.
HISTORY: 1962 Code Section 8-292; 1952 Code Section 8-292; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-130. Effect of reorganization.

When such reorganization becomes effective all books, records and assets of the bank shall be disposed of in accordance with the provisions of the plan and the affairs of the bank shall be conducted by its board of directors in the manner provided by the plan and under the conditions, restrictions and limitations that may have been prescribed by the Board. In any reorganization which shall have been approved and shall have become effective as provided in this chapter all depositors and other creditors and stockholders of such bank, whether or not they shall have consented to such plan of reorganization, shall be fully and in all respects subject to and bound by its provisions, and claims of all depositors and other creditors shall be treated as if such claimants had consented to the plan of reorganization.
HISTORY: 1962 Code Section 8-293; 1952 Code Section 8-293; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-140. Segregation and use under Section 34-5-80 of deposits not required after termination of conservatorship.

After fifteen days have elapsed from the time the affairs of the bank shall have been returned to its directors by the conservator either with or without a reorganization as provided in Section 34-5-110, the provisions of Section 34-5-80 with respect to the segregation of deposits received while a bank is in the hands of a conservator and with respect to the use of such deposits to liquidate the indebtedness of such bank shall no longer be effective.
HISTORY: 1962 Code Section 8-294; 1952 Code Section 8-294; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 5 - Management Of Bank By Conservators › Section 34-5-150. Liquidation by conservator.

When the Board shall conclude that any bank for which a conservator has been appointed is insolvent or in imminent danger of insolvency and that it is necessary to liquidate such bank in order to protect the interests of depositors and creditors, it shall order the liquidation thereof. When liquidation shall have been so ordered such liquidation shall be under and by the conservator appointed for such bank and shall continue until the liquidation of such bank has been completed. Any such conservator shall be vested with the same powers and duties as receivers of banks under existing laws, except as in its discretion the Board shall fix or limit the liquidation expenses of such bank. The liquidation of all such banks shall be under such rules and regulations as may be prescribed by the Board and the conservator shall have the right to apply to a court of competent jurisdiction for direction and instruction on questions of law arising in the liquidation of any such bank.
HISTORY: 1962 Code Section 8-295; 1952 Code Section 8-295; 1942 Code Section 7829-8; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act › Section 34-6-10. Short title.

This chapter may be cited as the "South Carolina Uniform Prudent Management of Institutional Funds Act".
HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.
Effect of Amendment
The 2008 amendment rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act › Section 34-6-20. Definitions.

In this chapter:
(1) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or another purpose, the achievement of which is beneficial to the community.
(2) "Endowment fund" means an institutional fund or part of one that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.
(3) "Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.
(4) "Institution" means:
(a) a person, other than an individual, organized and operated exclusively for charitable purposes;
(b) a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for charitable purposes; or
(c) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.
(5) "Institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include:
(a) program-related assets;
(b) a fund held for an institution by a trustee that is not an institution; or
(c) a fund in which a beneficiary that is not an institution has an interest, other than the interest that could arise upon violation or failure of the purposes of the fund.
(6) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public cooperation, government or governmental subdivision, agency, or instrumentality, or other legal or commercial entity.
(7) "Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.
(8) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.
Effect of Amendment
The 2008 amendment rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act › Section 34-6-40. Appropriation for expenditure or accumulation of endowment fund; rules of construction.

(A) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by this institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:
(1) the duration and preservation of the endowment fund;
(2) the purposes of the institution and the endowment fund;
(3) general economic conditions;
(4) the possible effect of inflation or deflation;
(5) the expected total return from income and the appreciation of investments;
(6) other resources of the institution; and
(7) the investment policy of the institution.
(B) To limit the authority to appropriate for expenditure or accumulate pursuant to subsection (A), a gift instrument must specifically state the limitation.
(C) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income", "interest", "dividends", or "rents", "issues", or "profits", or "to preserve the principal intact", or words of similar import:
(1) create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and
(2) do not otherwise limit the authority to appropriate for expenditure or accumulate pursuant to subsection (A).
HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.
Effect of Amendment
The 2008 amendment rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act › Section 34-6-50. Delegation of management and investment functions.

(A) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:
(1) selecting an agent;
(2) establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and
(3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.
(B) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.
(C) An institution that complies with subsection (A) is not liable for the decisions or actions of an agent to which the function was delegated.
(D) By accepting delegation of a management or investment function from an institution that is subject to the laws of this State, an agent submits to the jurisdiction of the courts of this State in all proceedings arising from or related to the delegation or the performance of the delegated function.
(E) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this State other than this chapter.
HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.
Effect of Amendment
The 2008 amendment rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act › Section 34-6-60. Release or modification of restrictions on management, investment, or purpose.

(A) If the donor consent is in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.
(B) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purpose of the fund. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. To the extent practicable, any modifications must be made in accordance with the donor's probable intention.
(C) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard.
(D) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, sixty days after notification to the Attorney General, may release or modify the restriction, in whole or part, if:
(1) the institutional fund subject to the restriction has a total value of less then twenty-five thousand dollars;
(2) more than twenty years have elapsed since the fund was established; and
(3) the institution uses the property in a manner consistent with charitable purposes expressed in the gift instrument.
HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.
Effect of Amendment
The 2008 amendment rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act › Section 34-6-70. Review of compliance.

Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.
Effect of Amendment
The 2008 amendment rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act › Section 34-6-80. Application to existing institutional funds.

This chapter applies to institutional funds existing on or established after its effective date. As applied to institutional funds existing on the effective date of this chapter, this chapter governs only decisions made or actions taken on or after that date.
HISTORY: 1990 Act No. 390, Section 1, eff July 1, 1990; 2008 Act No. 289, Section 1, eff July 1, 2008.
Effect of Amendment
The 2008 amendment rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act › Section 34-6-90. Relation to Electronic Signatures in Global and National Commerce Act.

This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 USC Section 7001, et seq., but does not modify, limit, or supersede Section 101 of that act, 15 USC Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 USC Section 7003(b).
HISTORY: 2008 Act No. 289, Section 1, eff July 1, 2008.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act › Section 34-6-100. Uniformity of application and construction.

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
HISTORY: 2008 Act No. 289, Section 1, eff July 1, 2008.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 7 - Reorganization Of Insolvent Banks › Section 34-7-10. Reorganization of banks adjudged insolvent.

When any banking institution organized and operating under the laws of this State has been duly adjudged insolvent in an action or special proceeding duly instituted in the court of common pleas of this State, the court in such action may approve a plan of reorganization for the reopening of any such bank or banking institution upon compliance with the procedure and requirements set forth in Sections 34-7-20 to 34-7-70.
HISTORY: 1962 Code Section 8-311; 1952 Code Section 8-311; 1942 Code Section 7874; 1932 (37) 1183.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 7 - Reorganization Of Insolvent Banks › Section 34-7-20. Effect of reorganization plan on claims of depositors and unsecured creditors.

Any such reorganization plan may authorize the reduction of the claims of depositors and unsecured creditors, postpone the payment thereof or provide for such payment in installments as will appear to be to the best interest of the parties interested. In any such plan all claims or demands of the same class shall be treated alike.
HISTORY: 1962 Code Section 8-312; 1952 Code Section 8-312; 1942 Code Section 7874; 1932 (37) 1183.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 7 - Reorganization Of Insolvent Banks › Section 34-7-30. Parties to proceeding.

All depositors, creditors and stockholders shall, for the purpose of determining upon any plan of reorganization for the reopening of any such bank under the terms of this Chapter, be deemed parties to the action or proceeding in which the adjudication of insolvency is made, provided the notice hereinafter referred to be duly served. All such depositors, creditors and stockholders who are so made parties shall be bound by the judgment order referred to in Section 34-7-60.
HISTORY: 1962 Code Section 8-313; 1952 Code Section 8-313; 1942 Code Section 7874; 1932 (37) 1183.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 7 - Reorganization Of Insolvent Banks › Section 34-7-40. Petition and order for reorganization meeting.

In the event as many as five per cent in number and amount of depositors and stockholders file a petition, duly verified, with the resident or presiding judge of the circuit in which such bank is situate, setting forth that, in their opinion:
(1) It would be to the advantage of the depositors and unsecured creditors to reorganize and reopen such bank for business;
(2) Under such reorganization plan the depositors and unsecured creditors would receive a larger percentage of their claims than would be paid under a liquidation in court; and
(3) It is feasible to reopen the bank on such plan;
And should such representations appear to the satisfaction of the judge to be true, the court shall fix by order a time and place for the holding of a meeting of depositors, creditors and stockholders of such institution for the purpose of considering and determining upon a plan for the reorganization and reopening of such institution.
HISTORY: 1962 Code Section 8-314; 1952 Code Section 8-314; 1942 Code Section 7874; 1932 (37) 1183.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 7 - Reorganization Of Insolvent Banks › Section 34-7-50. Notice of meeting.

A notice of the time, place and purpose of such meeting shall be given by mail to each depositor, creditor and stockholder at his address as it appears upon the books and records of the institution, unless it be known to be otherwise and then at such last known address, at least ten days prior to the time of such meeting. The court in its order shall direct the manner of giving such notice and make such other provisions for the holding and conduct of the meeting, not inconsistent herewith, as will enable the parties to be fully heard and register their views on any plan of reorganization.
HISTORY: 1962 Code Section 8-315; 1952 Code Section 8-315; 1942 Code Section 7874; 1932 (37) 1183.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 7 - Reorganization Of Insolvent Banks › Section 34-7-60. Adoption of plan; quorum and vote required; no appeal.

Before any such meeting shall be authorized to determine upon any plan of reorganization it must appear that not less than fifty per cent of depositors, unsecured creditors and stockholders are present or duly represented. In the event that two thirds in number and amount of all depositors, unsecured creditors and stockholders present at such meeting agree upon a plan of reorganization by resolution duly adopted and recommend the plan to the resident or presiding judge of such circuit, then the court, if it appear to its satisfaction that such plan will be to the best interest of all parties, may by proper judgment order approve such plan, and order the reorganization and reopening of such institution. No appeal shall be allowed or taken from such order.
HISTORY: 1962 Code Section 8-316; 1952 Code Section 8-316; 1942 Code Section 7874; 1932 (37) 1183.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 7 - Reorganization Of Insolvent Banks › Section 34-7-70. Reopening of bank in hands of State Board of Bank Control; agreement of fiduciaries.

Any bank placed in the hands of the State Board of Bank Control other than a banking institution that has been duly adjudged insolvent in an action or special proceeding duly instituted in the court of common pleas under Section 34-7-10 may reopen and operate as a going banking institution upon the consent of two thirds of the depositors in number and amount holding deposits in excess of ten dollars in such bank who shall agree in writing to an extension of payment of unsecured creditors of the bank. Such writing shall specify the terms of such extension and amounts to be paid from time to time for a period not exceeding five years. All such agreements when signed by executors, trustees, administrators or committees for persons non compos mentis shall be lawful and binding upon their wards and shall be binding upon all depositors.
HISTORY: 1962 Code Section 8-317; 1952 Code Section 8-317; 1942 Code Section 7874; 1932 (37) 1183.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-10. Amount of capital to be paid in United States currency.

No bank may be organized as a banking corporation or company under the laws of this State unless there has been first paid in United States currency the full subscription price of so much of the authorized capital stock as required by the State Board of Financial Institutions. Notes of stockholders, and other notes and mortgages on property, real, personal or mixed, may not be considered and accepted as cash in payment for shares of capital stock of any such bank.
HISTORY: 1962 Code Section 8-141; 1952 Code Section 8-141; 1942 Code Section 7831; 1932 Code Section 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484; 1973 (58) 672; 2021 Act No. 30 (S.467), Section 10, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 10, rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-20. Additional ten percent of capital must be paid in.

In addition to full payment for the capital stock proposed to be issued, the applicants for a charter for a banking corporation or company shall furnish satisfactory evidence to the State Board of Bank Control that an additional sum of ten percent of the proposed capital of the bank is in hand and available for the purpose of defraying all organization expenses. The fees to be collected by the State shall be included within the meaning of the term organization expenses.
HISTORY: 1962 Code Section 8-142; 1952 Code Section 8-142; 1942 Code Section 7831; 1932 Code Section 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-30. Recovery of penalties for nonpayment of stock subscriptions and unpaid installments on subscriptions.

The penalties for the nonpayment of any stock subscriptions as prescribed in Section 34-3-240, together with any unpaid installments on such subscriptions, may be recovered in any court having jurisdiction of the aggregate amount so due or the stock may be sold for cash after twenty days' notice advertised in the nearest newspaper. If at any such sale the sum bid should not be sufficient to satisfy and discharge the amount so due, together with the cost and charges incident to such sale, the subscriber in default shall be liable for any deficiency, and it may be recovered in the name of the corporation in any court having jurisdiction.
HISTORY: 1962 Code Section 8-143; 1952 Code Section 8-143; 1942 Code Section 7845; 1932 Code Section 7874; Civ. C. '22 Section 4001; Civ. C. '12 Section 2663; Civ. C. '02 Section 1778; R. S. 1541; 1885 (19) 214.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-40. Minimum capital requirements.

Every banking company or corporation hereafter organized shall have a minimum capital in the amount required by the State Board of Financial Institutions. In determining the minimum amount the State Board of Financial Institutions shall give due consideration to the location of the proposed bank, the proposed bank's business plan, and the economic environment in which the proposed bank will operate.
HISTORY: 1962 Code Section 8-144; 1952 Code Section 8-144; 1942 Code Section 7831; 1932 Code Section 7835; 1926 (34) 953; 1928 (35) 1301; 1936 (39) 1484; 2021 Act No. 30 (S.467), Section 11, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 11, rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-60. Paid-in capital must meet Federal Deposit Insurance Fund requirements.

In addition to all other requirements, no bank or banking institution of any nature shall be granted a charter by the Secretary of State unless and until the State Board of Bank Control has certified that the paid-in capital of such bank or banking institution is sufficient to qualify such bank or banking institution for membership in the Federal Deposit Insurance Fund.
HISTORY: 1962 Code Section 8-146; 1952 Code Section 8-146; 1942 Code Section 7833; 1939 (41) 216; 1940 (41) 1774.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-70. Repealed.

HISTORY: Former Section, titled Paid-in capital must meet Federal Deposit Insurance Fund requirements; exceptions for transfer of existing charter, had the following history: 1962 Code Section 8-147; 1952 Code Section 8-147; 1942 Code Section 7833; 1939 (41) 216; 1940 (41) 1774. Repealed by 2021 Act No. 30, Section 19, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-80. Repealed.

HISTORY: Former Section, titled Issuance of preferred stock, had the following history: 1962 Code Section 8-148; 1952 Code Sections 8-148, 8-149; 1942 Code Section 7835; 1935 (39) 493; 1960 (51) 1676, 1739; 1973 (58) 159. Repealed by 2021 Act No. 30, Section 19, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-90. Preferred stock shall be included in capital.

Any preferred stock lawfully issued by a banking institution organized under the laws of this State shall be included in determining whether such banking institution has complied with the minimum capital stock requirements provided by law for banking institutions in this State.
HISTORY: 1962 Code Section 8-150; 1952 Code Section 8-150; 1942 Code Section 7835; 1935 (39) 493.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-100. Issuance of capital notes or debentures.

With the approval of the Commissioner of Banking any banking institution may at any time, through action of its board of directors and without requiring any action of its stockholders, issue and sell its capital notes or debentures. Such capital notes or debentures shall be subordinate and subject to the claims of depositors and may be subordinated and subjected to the claims of other creditors.
HISTORY: 1962 Code Section 8-151; 1952 Code Section 8-151; 1942 Code Section 7836; 1935 (39) 464.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-110. Capital notes and debentures shall be included in capital.

The term "capital" as used in the laws of this State relating to banking shall be construed to embrace the amount of outstanding capital notes and debentures legally issued by any banking institution. The capital stock of any such banking institution may be deemed to be unimpaired when the amount of such capital notes and debentures as represented by cash or sound assets exceed the impairment as found by the Commissioner of Banking.
HISTORY: 1962 Code Section 8-152; 1952 Code Section 8-152; 1942 Code Section 7836; 1935 (39) 464; 1964 (53) 2058.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-120. Prerequisite of retirement of capital notes and debentures.

Before any such capital notes or debentures are retired or paid by the bank any existing deficiency of its capital, disregarding the notes or debentures to be retired, must be paid in cash, to the end that the sound capital assets shall at least equal the capital stock of the bank.
HISTORY: 1962 Code Section 8-153; 1952 Code Section 8-153; 1942 Code Section 7836; 1935 (39) 464.