If the Board as a result of any examination or from any report made to it finds that any association, savings and loan holding company, or any service corporation or subsidiary thereof is violating the provisions of its articles of incorporation or bylaws, the laws of this State or of the United States, or any lawful order or regulation of the Board, it shall by a formal written order delivered to the home office state any alleged violation, together with a statement of the facts alleged to constitute the violation, and order discontinuance of the violation and conformance with all requirements of law. The order shall specify the effective date thereof, which may be immediate or may be at a later date, and it shall remain in effect until withdrawn by the Board or until terminated by a court order. The order of the Board, upon application made on or after the effective date thereof by the Board to the circuit court in the county in which the home office of the association or organization is located, may be enforced ex parte and without notice by an order to comply entered by the court. These proceedings must be given precedence over other cases pending in the court and must in every way be expedited by the court. Any association or company affected by an order of the Board shall, after receipt thereof, have the right to apply within thirty days to any court of competent jurisdiction for an immediate hearing and order suspending the order of the Board until such time as the hearing has been completed. The hearing of the application to the court must be upon that notice to the Board as the court shall provide. Whether upon application by the Board or by the association or other company, the court shall have power to and shall adjudicate the question and enter the proper orders and enforce the same.
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.