The Board may, in its discretion, but only if local conditions render it advisable, permit the conservator to receive deposits. But deposits received while the bank is in the hands of a conservator shall not be subject to any limitation as to payment or withdrawal and such deposits shall be segregated and shall not be used to liquidate any indebtedness of such bank existing at the time that a conservator was appointed for it or any subsequent indebtedness incurred for the purpose of liquidating any indebtedness of such bank existing at the time such conservator was appointed. Such deposits received while the bank is in the hands of a conservator shall be kept on hand in cash, invested in the direct obligations of the United States or of this State, either or both, or deposited with such bank or banks as may be designated by the Board.
HISTORY: 1962 Code Section 8-288; 1952 Code Section 8-288; 1942 Code Section 7829-7; 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.