(1) Citation of section. - This section shall be cited as the "Bank Service Corporation Act."
(2) Definitions. - For the purposes of this section-
(a) The term "bank service corporation" means a corporation whose primary purpose is to perform for two or more banks having an investment in the corporation services such as check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of statements, notices, and similar items, or any other similar clerical or bookkeeping function.
(b) The terms "invest" and "investment" include any advance of funds to a bank service corporation, whether by purchase of stock, the making of a loan, or otherwise, except a payment for earned rent, goods sold and delivered, or services rendered prior to the making of such payment.
(3) Investments. - Notwithstanding any contrary provision of law relating to banks, a bank may at any time have outstanding investments in a bank service corporation not exceeding ten per cent of the bank's capital and surplus at such time.
HISTORY: 1962 Code Section 8-238; 1962 (52) 1978.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 13 - Bank Loans And Investments
Section 34-13-50. Maximum amounts of loans; generally.
Section 34-13-70. Maximum amounts of loans; another maximum.
Section 34-13-80. Limitations on loans to directors and officers.
Section 34-13-90. Penalty for improper borrowing by directors or officers.
Section 34-13-100. Investigation of security consisting of warehouse receipts.
Section 34-13-110. Certain discounts are not considered as money borrowed.
Section 34-13-140. Restrictions on loan on or purchase of bank's own stock.
Section 34-13-160. Investment in farm loan bonds; accountability for interest.