(a) Except as specifically permitted under Section 34-28-350, no South Carolina association, South Carolina savings and loan holding company, Southern Region association, or Southern Region savings and loan holding company having a South Carolina association subsidiary may acquire an association or savings and loan holding company which is not either a South Carolina savings and loan holding company or a Southern Region savings and loan holding company or an association which is not either a South Carolina association or a Southern Region association.
(b) Except as expressly permitted by federal law, no association which is not either a South Carolina association or a Southern Region association and no savings and loan holding company which is not either a South Carolina savings and loan holding company or a Southern Region savings and loan holding company may acquire a South Carolina association, a South Carolina savings and loan holding company, or a Southern Region savings and loan holding company controlling a South Carolina association.
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.