(A) The board shall adopt rules or regulations, definitions, and forms as necessary for the supervision and regulation of state savings banks and for the protection of the public investing in state savings banks.
(B) Without limiting the generality of subsection (A) of this section the board may adopt rules or regulations, definitions, and forms with respect to the following:
(1) reserve requirements;
(2) stock ownership and dividends;
(3) stock transfers;
(4) original incorporators, stockholders, directors, officers, and employees of a state savings bank;
(5) bylaws;
(6) the operation of state savings banks;
(7) deposit accounts, bonus plans, and contracts for savings programs;
(8) loans and loan expenses;
(9) investments and resource management;
(10) forms or proxies, holders of proxies, and proxy solicitations;
(11) types of financial records to be maintained by state savings banks;
(12) retention periods of various financial records;
(13) internal control procedures of state savings banks;
(14) conduct and management of state savings banks;
(15) chartering and branching;
(16) liquidations, dissolutions, and receiverships;
(17) mergers, consolidations, conversion, and combination mergers and conversions;
(18) interim state savings banks;
(19) reports that may be required by the board;
(20) conflicts of interest;
(21) service corporations; and
(22) subsidiary state savings banks and holding companies, including the rights of members, levels of investment in the subsidiaries, and stock sales.
(C) A state savings bank may cause any or all of its records to be recorded, copied, or reproduced by:
(1) photostatic, photographic, or microfilming process; or
(2) electronic graphic imaging through scanning, digitizing, or other means.
These processes or means must correctly copy, reproduce, or form a medium for copying or reproducing the original record so that an accurate facsimile of the original is printed or otherwise reproduced on paper, film, or similar medium.
(D) The printed reproduction is considered an original record for all purposes and must be treated as an original record in all courts or administrative agencies for the purpose of its admissibility into evidence, regardless of whether the institution retains or disposes of the original, provided:
(1) the original document otherwise qualified as a business record pursuant to the South Carolina Uniform Business Records as Evidence Act or the appropriate state or federal rules or regulations of evidence; and
(2) a custodian or other qualified witness as those terms are used in the appropriate state or federal rules of evidence certifies that the printed reproduction is a true and correct copy of the original.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
Structure 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 34-30-90. Board examination of application.
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 34-30-310. Conversion to federal charter; procedure.
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 34-30-370. Voluntary dissolution of state savings banks.
Section 34-30-400. Limitations on mergers.
Section 34-30-510. Powers and duties of board.
Section 34-30-550. Supervision and examination fees.
Section 34-30-600. Defamation; false information and advertising; fine or imprisonment.
Section 34-30-1000. Membership of mutual state savings banks.
Section 34-30-1020. Bylaws and amendments; certification; effective date; amendment.
Section 34-30-1040. Conflict of interest.
Section 34-30-1060. Annual meetings; notice.
Section 34-30-1070. Special meetings; notice.
Section 34-30-1090. Blanket indemnity bond; bonding of agents; settlement; cancellation.
Section 34-30-1210. Permitted loans.
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 34-30-1310. 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 34-30-1360. Investments in stock of federal government sponsored enterprises.
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 34-30-1640. 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 34-30-1700. Checks refused for payment, insufficient funds; processing fees.
Section 34-30-1730. Authorization of board and officers to borrow money.