South Carolina Code of Laws
Chapter 30 - A State Savings Bank Charter In South Carolina
Section 34-30-300. Conversion to state savings bank; application, examination, fee; conversion plan, amendment; vote, filing of results; approval.

(A) Any association or state or national bank, upon a majority vote of its board of directors, may apply to the board for permission to convert to a state savings bank and for certification of appropriate amendments to its articles of incorporation to effect the change. Upon receipt of an application to convert to a state savings bank, the board shall examine all facts connected with the conversion. The depository institution applying for permission to convert must pay a fee established by the board.
(B) The converting depository institution must submit a plan of conversion as a part of the application to the board. The board may approve it with or without amendment. If the board approves it, the plan must be submitted to the members or stockholders as provided in subsection (C) of this section. If the board refuses to approve the plan, the objections must be stated in writing and the converting depository institution must be given an opportunity to amend the plan to obviate the objections.
(C) After lawful notice to the members or stockholders of the converting depository institution and full and fair disclosure, the substance of the plan must be approved by the affirmative vote of a majority of votes or shares present. The vote by the members or stockholders may be in person or by proxy. The results of the vote as certified by an appropriate officer of the converting depository institution must be filed with the board. The board then shall approve or disapprove the requested conversion to a state savings bank. Upon approval of the conversion, the board shall supervise and monitor the conversion process and shall ensure that the conversion is conducted lawfully and under the approved plan of conversion.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.

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Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 34 - Banking, Financial Institutions and Money

Chapter 30 - A State Savings Bank Charter In South Carolina

Section 34-30-10. Short title.

Section 34-30-20. Application of chapter.

Section 34-30-30. Definitions.

Section 34-30-50. Application of Business Corporation Act.

Section 34-30-60. Prior charters; legal name, requirements; prohibited acts; injunctions.

Section 34-30-70. Organization and establishment; application, fee; contents of application.

Section 34-30-80. Proposed mutual state savings banks, proposed stock state savings banks; articles of incorporation.

Section 34-30-90. Board examination of application.

Section 34-30-100. Mutual state savings banks, stock state savings banks; approval of application; minimum pledges, adjustment, considerations.

Section 34-30-110. Incomplete applications; time for approval or rejection of completed applications.

Section 34-30-120. Approval or disapproval of application; order; filing of articles; corporate existence; certificate of authorization, commencement of business; limitation on ownership or control.

Section 34-30-130. Insurance on deposit accounts; certification; time for obtaining insurance; excess insurance.

Section 34-30-140. Commencement of business; failure to commence within time limit, extension of time; forfeiture of corporate existence; certificate of authorization.

Section 34-30-150. Amendment of articles of incorporation; certification, submission, approval; quorum, voting requirement.

Section 34-30-160. Confidentiality of records; inspection and examination; release; list of members or stockholders.

Section 34-30-170. Establishment of branch offices; application, fee; approval or denial; corporate office.

Section 34-30-180. Change of office location; information, evaluation.

Section 34-30-190. Discontinuance of branch office operation.

Section 34-30-200. Loan production office, opening or closing.

Section 34-30-300. Conversion to state savings bank; application, examination, fee; conversion plan, amendment; vote, filing of results; approval.

Section 34-30-310. Conversion to federal charter; procedure.

Section 34-30-320. Conversion to federal charter with change from stock to mutual, or mutual to stock; conversion to state charter with change from mutual to stock.

Section 34-30-330. Mutual state savings bank conversion to stock; application, fee; conversion plan; amendment; approval; vote.

Section 34-30-340. Merger or consolidation of state savings banks; procedure.

Section 34-30-350. Merger of state savings banks and federal depository institutions.

Section 34-30-360. Merger of stock state savings banks with banks or associations; merger plan; amendment; approval; vote.

Section 34-30-370. Voluntary dissolution of state savings banks.

Section 34-30-380. Resolution to dissolve and liquidate state savings banks and adopt plan of voluntary dissolution; election of liquidators; execution of plan, procedure.

Section 34-30-390. Final report and accounting of liquidation; approval of report; certificate of dissolution, recording.

Section 34-30-400. Limitations on mergers.

Section 34-30-410. Short form merger, consolidation, conversion, or combination merger and conversion.

Section 34-30-420. Applications for permission to organize interim state savings banks; preliminary approval.

Section 34-30-510. Powers and duties of board.

Section 34-30-520. Implementation; application of State Administrative Procedures Act; cease and desist orders; suspension of directors, officers, or committee members; authorization to engage in activities of federally chartered savings banks.

Section 34-30-530. Adoption of rules, regulations, definitions, and forms; recording or reproducing of records; printed reproductions.

Section 34-30-540. Examinations and investigations; report; prohibition against delay or obstruction of examinations, refusal to exhibit records, false statements.

Section 34-30-550. Supervision and examination fees.

Section 34-30-560. Failure of examination to disclose complete financial condition; audit of examination; revaluation of assets or liabilities; expenses.

Section 34-30-570. Board and agents, powers; failure to comply with subpoena, refusal to testify; contempt proceedings.

Section 34-30-580. Test appraisals of collateral securing loans; appraisers; appraisals by insurer of accounts; costs and expenses.

Section 34-30-590. Confidentiality of records or information; disclosure of specific information; exchange of information; violations by state officials, liability; copy fees.

Section 34-30-600. Defamation; false information and advertising; fine or imprisonment.

Section 34-30-760. Violations; statement, order of discontinuance and compliance; enforcement by court; application for hearing and suspension of order; notice; adjudication.

Section 34-30-770. Appointment of conservator; confirmation of appointment; power and authority; term; compensation; discharge; limitations; business of bank under conservatorship.

Section 34-30-780. Appointment of receiver; confirmation of appointment; power and authority; compensation; tender of appointment to Federal Deposit Insurance Corporation; procedure; contesting of proceedings; reimbursement of expenses and attorney f...

Section 34-30-1000. Membership of mutual state savings banks.

Section 34-30-1010. Bank directors; election; terms; weighted voting; voting rights; election of stock savings bank directors; terms; ownership interest; number of directors; vacancies; restrictions.

Section 34-30-1020. Bylaws and amendments; certification; effective date; amendment.

Section 34-30-1030. Fiduciary duties of officers and directors; duties of good faith, diligence, and care.

Section 34-30-1040. Conflict of interest.

Section 34-30-1050. Voting rights; production of books of record; majority determination of questions.

Section 34-30-1060. Annual meetings; notice.

Section 34-30-1070. Special meetings; notice.

Section 34-30-1080. Quorum.

Section 34-30-1090. Blanket indemnity bond; bonding of agents; settlement; cancellation.

Section 34-30-1100. Exemption of directors or officers from personal liability; limitations; breach of duty of loyalty defined.

Section 34-30-1210. Permitted loans.

Section 34-30-1220. Loan procedures; report of actions; loans on collateral; unsecured loans; investment of funds; sale of loans.

Section 34-30-1230. Acceptance of own capital stock or mutual capital certificates as security prohibited.

Section 34-30-1240. Condition of loan on specific contracts prohibited.

Section 34-30-1250. Loan expenses; late payment charge; levy of payments.

Section 34-30-1260. Repayment plan; written agreement required.

Section 34-30-1270. Stringency of rules or regulations.

Section 34-30-1280. Limitations on rules or regulations.

Section 34-30-1290. Loans or investments violating this chapter.

Section 34-30-1300. Limitation on total loans and extensions of credit; "person" defined; rules or regulations.

Section 34-30-1310. Investments in real property; limitations.

Section 34-30-1320. Investments in obligations issued and guaranteed by federal government.

Section 34-30-1330. Investments in obligations issued and guaranteed by State.

Section 34-30-1340. Investments in stock or bonds of Federal Home Loan Banks.

Section 34-30-1350. Investments in certificates of deposit, time-insured deposits, savings accounts, demand deposits, or withdrawable accounts.

Section 34-30-1360. Investments in stock of federal government sponsored enterprises.

Section 34-30-1370. Investments in direct general obligations of state government, bonds payable from pledged revenues or earnings.

Section 34-30-1380. Investments in stock of corporations or state agencies which provide educational loans.

Section 34-30-1390. Investments in stock of business or industrial development corporations.

Section 34-30-1400. Investments in stock of urban renewal investment corporations.

Section 34-30-1410. Limitations on loans and investments in commercial loans.

Section 34-30-1420. Establishment of service corporations; investments in securities of existing service corporations; limitations; audit and examination; report of proposed activities, objections; office locations.

Section 34-30-1430. Loans or investments for federal associations or national banking associations located in State.

Section 34-30-1440. Authorized actions of state savings banks; issuance of capital notes, bonds, debentures, or other obligations or securities.

Section 34-30-1450. Vesting of security ownership in parties other than original executors; dealings with successors in interest.

Section 34-30-1610. Deposits; accounts, transfer; deposit account contract; evidence of account ownership; loss or destruction of evidence of ownership, issuance of new evidence of ownership, bond.

Section 34-30-1620. Accounts from married or minor persons as sole owner; payment or delivery of rights; actions of minor binding; no parental power to attach or transfer savings account of minor; death of minor.

Section 34-30-1630. Account in name of two persons; joint tenancy; liability; payments during lifetime and upon death, deletion; refusal to honor request pending determination of rights; deposits of fiduciaries for beneficiaries; death of fiduciary;...

Section 34-30-1640. Authority of attorneys-in-fact; notice of revocation of authority; liability.

Section 34-30-1650. Pledge or hypothecation of savings account in joint tenancy.

Section 34-30-1660. Adverse claims to accounts.

Section 34-30-1670. Advance notice of intention to withdraw; inability to pay withdrawal requests, procedure; computation of earnings.

Section 34-30-1680. Redemption of savings accounts; notice; redemption price; cessation of earnings accrual; evidences of ownership, tender for payment or cancellation; closing of account.

Section 34-30-1690. Entities authorized to invest funds in deposit accounts; deposit of securities; bond; provisions supplemental.

Section 34-30-1700. Checks refused for payment, insufficient funds; processing fees.

Section 34-30-1720. Absolute or conditional transfer of rights; evidence of transfer; application for transfer; terms of acceptance.

Section 34-30-1730. Authorization of board and officers to borrow money.

Section 34-30-1740. State savings bank subscription in capital stock, membership in federal reserve bank; supervision and examination; disclosure of information.

Section 34-30-1750. Powers to acquire and be acquired.

Section 34-30-1950. Ownership of stock savings bank by holding company; conversion; reorganization by stock and mutual state savings banks; organization of mutual holding companies, articles of incorporation, ownership of voting stock; investments.

Section 34-30-1960. Acquisition of control of state savings bank or holding company; supervision of holding company; rules or regulations.