(A) Subject to approval by the board, any banking corporation organized under the laws of the United States or under the laws of any other state and doing business in this State may become an incorporated bank of this State with all the powers and subject to all the obligations and duties of banks incorporated under the laws of this State, provided such banking corporation has authority by virtue of the laws of the United States to dissolve its organization as a national banking corporation or of the laws of the other state to dissolve its organization as a state banking corporation of such state.
(B) A national banking corporation or a banking corporation of another state desiring to become such an incorporated bank under the laws of this State shall proceed in the following manner:
(1) file an application of conversion to a state bank with the board;
(2) take such action in the manner prescribed or authorized by the laws of the United States or other such state as shall make its dissolution as a national banking corporation or as a state banking corporation effective at a specified future date; and
(3) A majority of its directors shall thereafter and before the time when its dissolution becomes effective execute under their hands and seals in duplicate, upon the authority of a resolution adopted by the owners of at least two-thirds of its capital stock at a meeting held after ten days' notice thereof given to each stockholder by registered mail, a certificate setting forth the following facts:
(a) its name and place of business as a national banking association or a state banking association and the name that it proposes to use as its corporate name after becoming a banking corporation under the laws of this State;
(b) the principal place of business in South Carolina for the state banking association;
(c) the amount of its capital stock and the number of shares into which it is divided and the par value of each;
(d) the names of its directors and of its officers at the date of its dissolution as a national bank and who will constitute its directors and officers as a state bank; and
(e) the date upon which its dissolution as a national banking association or state banking association shall become effective and upon which date it shall commence business as a bank under the laws of this State.
(C) Such certificate in duplicate must be thereupon lodged with the Secretary of State, who shall endorse on the certificate in duplicate the date of its filing in his office. One duplicate of the certificate must be filed in the office of the Secretary of State and the other so endorsed must be issued to the bank and be recorded in the office of the register of deeds in the county in which the principal place of business of the bank is located.
HISTORY: 1962 Code Section 8-121; 1952 Code Section 8-121; 1942 Code Section 7866; 1932 Code Section 7834; 1926 (34) 945; 2021 Act No. 30 (S.467), Section 6, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 6, rewrote the section.
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.