Any bank placed in the hands of the State Board of Bank Control other than a banking institution that has been duly adjudged insolvent in an action or special proceeding duly instituted in the court of common pleas under Section 34-7-10 may reopen and operate as a going banking institution upon the consent of two thirds of the depositors in number and amount holding deposits in excess of ten dollars in such bank who shall agree in writing to an extension of payment of unsecured creditors of the bank. Such writing shall specify the terms of such extension and amounts to be paid from time to time for a period not exceeding five years. All such agreements when signed by executors, trustees, administrators or committees for persons non compos mentis shall be lawful and binding upon their wards and shall be binding upon all depositors.
HISTORY: 1962 Code Section 8-317; 1952 Code Section 8-317; 1942 Code Section 7874; 1932 (37) 1183.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 7 - Reorganization Of Insolvent Banks
Section 34-7-10. Reorganization of banks adjudged insolvent.
Section 34-7-20. Effect of reorganization plan on claims of depositors and unsecured creditors.
Section 34-7-30. Parties to proceeding.
Section 34-7-40. Petition and order for reorganization meeting.
Section 34-7-50. Notice of meeting.
Section 34-7-60. Adoption of plan; quorum and vote required; no appeal.