The conservator, who shall serve at the pleasure of and under the direction of the Board, shall take possession of the books, records and assets of every description of such bank and take such action as may be necessary to conserve the assets thereof pending further disposition of its business as provided by law. He shall have all rights, powers and privileges now possessed by or hereafter given receivers of insolvent banks and shall be subject to the obligations and penalties, not inconsistent with the provisions of Sections 34-1-60, 34-1-70, 34-3-310, 34-3-320, 34-5-50 to 34-5-80 and 34-5-100 to 34-5-150, to which receivers are now or may hereafter become subject. During the time that the conservator remains in possession of such bank the rights of all persons with respect thereto shall, subject to the other provisions of this chapter, be the same as if a receiver had been appointed therefor.
HISTORY: 1962 Code Section 8-285; 1952 Code Section 8-285; 1942 Code Section 7829-7; 1936 (39) 1484.
Editor's Note
Section 34-1-70, referenced in the text, was repealed by 2021 Act No. 30, Section 19, effective May 6, 2021.
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.