Any banking institution organized under the laws of this State may, on the authority of its board of directors and upon approval of the State Board of Bank Control, enter into such contracts, incur such obligations and generally do and perform any and all such acts and things whatsoever as may be necessary or appropriate in order to take advantage of any and all memberships, loans, subscriptions, contracts, grants, rights or privileges which may at any time be available or inure to banking institutions or to their depositors, creditors, stockholders, conservators, receivers or liquidators by virtue of those provisions of Section 8 of the Federal "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended) which establish the Federal Deposit Insurance Corporation and provide for the insurance of deposits or of any other provisions of that or of any other act or resolution of Congress to aid, regulate or safeguard banking institutions and their depositors including any amendments of such provisions or any substitutions therefor. And any such banking institution may also, upon approval of the State Board of Bank Control subscribe for and acquire any stock, debentures, bonds or other types of securities of the Federal Deposit Insurance Corporation and comply with the lawful regulations and requirements from time to time issued or made by such corporation.
HISTORY: 1962 Code Section 8-272; 1952 Code Section 8-272; 1942 Code Section 7837; 1935 (39) 482; 1936 (39) 1484.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 3 - Banks And Banking Generally
Section 34-3-10. Use of "bank" or "banking" by other than banking institutions.
Section 34-3-20. Provisions not applicable to national banks.
Section 34-3-30. Certain parts of bank charters repealed.
Section 34-3-40. Shares of stock requisite for eligibility as bank director.
Section 34-3-50. Officers and employees must be bonded.
Section 34-3-65. Opening of deposit accounts at special events; conditions.
Section 34-3-70. False statements concerning solvency of bank.
Section 34-3-100. Transaction of business in State by foreign bank.
Section 34-3-110. Crimes against a federally chartered or insured financial institution.
Section 34-3-210. General powers of banking corporation.
Section 34-3-220. Acceptance of drafts and bills of exchange.
Section 34-3-230. Directors may make and change bylaws.
Section 34-3-240. Other powers of directors.
Section 34-3-250. Association with national reserve association.
Section 34-3-260. Transaction of business by wholly-owned subsidiary of state bank or trust company.
Section 34-3-310. Examination of banks.
Section 34-3-320. Examination fees; number of examinations annually.
Section 34-3-330. Federal examinations.
Section 34-3-340. Reports and examinations by Federal Deposit Insurance Corporation.
Section 34-3-350. Directors shall review reports of examinations.
Section 34-3-360. Form of notice to chief executive.
Section 34-3-370. Form of report to Commissioner of Banking.
Section 34-3-380. Report of condition.
Section 34-3-420. Statement shall be sent to Board; failure to report.
Section 34-3-510. Records must be retained.
Section 34-3-520. Regulations classifying records.
Section 34-3-530. Destruction of records.
Section 34-3-540. Copies and reproductions of bank records; admissibility in evidence.
Section 34-3-550. Application of article.
Section 34-3-610. "Banking institution" defined.
Section 34-3-620. Relationship with Federal Deposit Insurance Corporation generally.
Section 34-3-630. Federal Deposit Insurance Corporation as receiver or liquidator.
Section 34-3-810. National bank may become state bank; procedure.
Section 34-3-820. Time corporate existence as state bank commences.
Section 34-3-830. Transfer of assets, property, and rights of national or state bank.
Section 34-3-840. Directors and organization.
Section 34-3-850. Consolidation or merger of banks and trust companies.