(A) The original incorporators, a majority of whom must be domiciled in this State, may organize and establish a state savings bank to promote the purposes of this chapter, subject to approval as provided in this chapter. The original incorporators shall file with the board a preliminary application to organize a state savings bank in the form prescribed by the board, together with the proper nonrefundable application fee.
(B) An application to organize a state savings bank must contain:
(1) a copy of the proposed articles of incorporation, which must be signed by the original incorporators;
(2) the names and addresses of the incorporators; and the names and addresses of the initial members of the board of directors, and the number of shares they plan to subscribe to;
(3) statements of the anticipated receipts, expenditures, earnings, and financial condition of the state savings bank for its first three years of operation, or a longer period as the board may require;
(4) a showing satisfactory to the board that:
(a) the public convenience and advantage are served by the establishment of the proposed state savings bank;
(b) there are reasonable demand and necessity in the community which is served by the establishment of the proposed state savings bank;
(c) the proposed state savings bank has a reasonable probability of sustaining profitable and beneficial operations within a reasonable time in the community in which the proposed state savings bank intends to locate; and
(5) the proposed bylaws; and
(6) statements, exhibits, maps, and other data that may be prescribed or requested by the board, and which are sufficiently detailed and comprehensive so as to enable the board to pass upon the criteria in this article.
(C) The application must be signed by the original incorporators, and properly acknowledged by a person duly authorized by this State to take proof and acknowledgment of deeds. The application must contain additional information required by the board.
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.