(1) Subject to Section 34-28-500, deposit accounts may be opened or deposits made and held by, or in trust or other fiduciary capacity for, any person, political subdivision, public unit, or governmental unit. Savings accounts are transferable only on the books of the association after proper written application by the transferee and acceptance by the association of the transferee as an account holder. The association may treat the holder of record of a savings account as the owner thereof for all purposes without being affected by a notice to the contrary unless the association has acknowledged in writing notice of a pledge of the savings account.
(2) Each account holder shall execute a deposit account contract setting forth any special terms and provisions; however, the ownership thereof and the conditions upon which withdrawals may be made may not be inconsistent with the provisions of this chapter.
(3) An account book, separate certificate, written statement, card, device, or other evidence, or means of access of identity, evidencing the ownership of the account must be issued to each savings account holder of record as shown by the books of the association.
(4) Upon the filing with an association by the holder of record as shown by the books of the association, or by his legal representative, of an affidavit to the effect that the evidence of ownership of a savings account with the association has been lost or destroyed and that the evidence of ownership has not been pledged or assigned in whole or in part, the association shall issue a new evidence of ownership in the name of the holder of record, the evidence stating that it is issued in lieu of the one lost or destroyed, provided that the board of directors may require a bond in an amount it deems sufficient to indemnify the association against any loss which might result from the issuance of a new evidence of ownership.
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.