(A) The articles of incorporation of a proposed mutual state savings bank must include:
(1) the name of the state savings bank, which must not so closely resemble the name of an existing depository institution doing business under the laws of this State as to be likely to mislead the public;
(2) the county and city or town where its principal office is located in this State, and the name of its registered agent and the address of its registered office, including county and city or town, and street and number;
(3) the period of duration, which may be perpetual. When the articles of incorporation fail to state the period of duration, it is considered perpetual;
(4) the purposes for which the state savings bank is organized, limited to purposes permitted under the laws of this State for state savings banks;
(5) the minimum amount on deposit in deposit accounts, not less than four million dollars, before the commencement of business;
(6) a provision not inconsistent with this chapter and the proper operation of a state savings bank in which the incorporators provide for the regulation of the internal affairs of the state savings bank;
(7) the number of directors, not less than five, constituting the initial board of directors, and the name and address of each person who is to serve as a director until the first meeting of members, or until a successor is elected and qualified;
(8) the names and addresses of the incorporators.
(B) The articles of incorporation of a proposed stock state savings bank must include:
(1) the name of the state savings bank, which must not so closely resemble the name of an existing depository institution doing business under the laws of this State as to be likely to mislead the public;
(2) the county and city or town where its principal office is located in this State, and the name of its registered agent and the address of its registered office, including county and city or town, and street and number;
(3) the period of duration, which may be perpetual. When the articles of incorporation fail to state the period of duration, it is considered perpetual;
(4) the purposes for which the state savings bank is organized, limited to purposes permitted under the laws of this State for state savings bank;
(5) with respect to the shares of stock which the state savings bank has authority to issue, if the stock is to:
(a) have a par value, the number of shares of stock and the par value of each;
(b) be without par value, the number of shares of stock; or
(c) be divided into classes, or into series within a class of preferred or special shares of stock, the articles of incorporation must also designate each class and each series within a class, and provide a statement of the preferences, limitations, and relative rights of the stock of each class or series;
(6) the minimum amount of consideration to be received for its shares of stock before the commencement of business;
(7) a statement as to whether stockholders have preemptive rights to acquire additional or treasury shares of the state savings bank;
(8) a provision not inconsistent with this chapter or the proper operation of a state savings bank, in which the incorporators provide for the regulation of the internal affairs of the state savings bank;
(9) the number of directors, not less than five, constituting the initial board of directors, and the name and address of each person who is to serve as a director until the first meeting of the stockholders, or until a successor is elected and qualified; and
(10) the names and addresses of the incorporators.
(C) The articles of incorporation may include other provisions authorized or permitted to be in the articles of incorporation of a corporation by Chapters 1 to 25 of Title 33.
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.