When the Board shall conclude that any bank for which a conservator has been appointed is insolvent or in imminent danger of insolvency and that it is necessary to liquidate such bank in order to protect the interests of depositors and creditors, it shall order the liquidation thereof. When liquidation shall have been so ordered such liquidation shall be under and by the conservator appointed for such bank and shall continue until the liquidation of such bank has been completed. Any such conservator shall be vested with the same powers and duties as receivers of banks under existing laws, except as in its discretion the Board shall fix or limit the liquidation expenses of such bank. The liquidation of all such banks shall be under such rules and regulations as may be prescribed by the Board and the conservator shall have the right to apply to a court of competent jurisdiction for direction and instruction on questions of law arising in the liquidation of any such bank.
HISTORY: 1962 Code Section 8-295; 1952 Code Section 8-295; 1942 Code Section 7829-8; 1936 (39) 1484.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 5 - Management Of Bank By Conservators
Section 34-5-10. "Bank" defined.
Section 34-5-20. Appointment of conservator of a bank.
Section 34-5-30. Federal Deposit Insurance Corporation as conservator.
Section 34-5-40. Persons who may not be conservators.
Section 34-5-50. Powers of conservator; rights of other persons.
Section 34-5-60. Expenses of conservator; attorney.
Section 34-5-70. Withdrawal of deposits and payment of creditors.
Section 34-5-80. Receipt of deposits.
Section 34-5-90. Conservators may borrow to pay dividends or to reopen.
Section 34-5-100. Termination of conservatorship.
Section 34-5-110. Reorganization of bank.
Section 34-5-120. Publication of notice of reorganization.