(1) Every association shall have the power to invest in the capital stock, obligations or other securities of one or more service corporations, provided that at the time of any investment the aggregate amount paid for all the stock, obligations or other securities in service corporations by the association including the proposed investment shall not exceed ten percent of the assets of the association.
(2) A service corporation of an association may engage in third party real estate brokerage operations and in any business activity authorized for a service corporation of a federally chartered association by the Federal Home Loan Bank Board from time to time. If the Federal Home Loan Bank Board no longer authorizes a service corporation of a federally chartered association to engage in an activity which it had previously approved, an association may continue to engage in the activity if it receives Board approval to do so.
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.