(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.
Structure 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.
Section 34-28-20. Application of the South Carolina Business Corporation Act.
Section 34-28-30. Definitions.
Section 34-28-100. Application for authority to incorporate; action by Board on application.
Section 34-28-110. Name of an association.
Section 34-28-130. Articles of incorporation content; approval by board; amendment.
Section 34-28-150. Opening for business.
Section 34-28-160. Home, corporate, and branch offices; facilities.
Section 34-28-240. Voluntary supervisory stock conversions.
Section 34-28-250. Supervisory case; emergency conversion, reorganization and merger.
Section 34-28-260. Acquisition of majority control over existing stock-owned association.
Section 34-28-270. Dissolution.
Section 34-28-300. Definitions.
Section 34-28-310. Act requiring prior approval of the board.
Section 34-28-320. Acts requiring prior approval of federal authorities.
Section 34-28-330. Savings and loan holding company acquisitions not requiring prior approval.
Section 34-28-340. Applications to the board for approval.
Section 34-28-350. Permissible nondisqualified acquisitions.
Section 34-28-360. Prohibited acquisitions.
Section 34-28-380. Registration of association; reports; regulations.
Section 34-28-390. Penalties and remedies.
Section 34-28-400. Meetings of members or stockholders; voting rights, proxies, quorum requirements.
Section 34-28-410. Access to books and records; confidentiality.
Section 34-28-420. Directors; number; qualifications; meetings.
Section 34-28-430. Indemnity bonds.
Section 34-28-440. Conflict of interest; transactions of officers and directors.
Section 34-28-450. Books, records, and accounting practices.
Section 34-28-500. Powers of associations.
Section 34-28-510. Investment in loans.
Section 34-28-520. Investments in service corporations.
Section 34-28-530. Direct ownership of real estate by associations.
Section 34-28-540. Other investment powers and limitations; reserves and liquidity requirements.
Section 34-28-550. Dealing with successors in interest.
Section 34-28-560. Right to avoid loss.
Section 34-28-570. Maximum loans to one borrower.
Section 34-28-600. Deposit accounts; general conditions.
Section 34-28-610. Married persons and minors.
Section 34-28-630. Powers of attorney on deposit accounts.
Section 34-28-640. Pledge to association of savings accounts in joint tenancy.
Section 34-28-650. Adverse claim to deposit account.
Section 34-28-660. Withdrawal of savings accounts.
Section 34-28-670. Redemption of savings accounts.
Section 34-28-680. Savings accounts as legal investments and security.
Section 34-28-700. Annual and other reports; examinations.
Section 34-28-710. Board may order association to discontinue any illegal practice.
Section 34-28-720. Conservatorship.
Section 34-28-730. Receivership.
Section 34-28-740. False statement affecting credit or standing of association.
Section 34-28-800. Foreign associations.
Section 34-28-810. Federal savings and loan associations.