§ 34-25-40 — Application.

South Carolina § 34-25-40

• Jurisdiction: South Carolina
• Title 34: BANKING, FINANCIAL INSTITUTIONS AND MONEY
• Ch. 25: SOUTH CAROLINA BANKING AND BRANCHING EFFICIENCY ACT

Text

(a) A company that proposes to make an acquisition under this article shall: (1) file with the board a copy of the notice or application that such company has filed with the responsible federal bank supervisory agency, together with such additional information as the board may prescribe; and (2) pay to the board the application fee, if any, prescribed by the board. (b) To the extent consistent with the effective discharge of the board's responsibilities, the forms established under this article for application and reporting shall conform to those established by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act. (c) In connection with an application received under this article, the board shall: (1) require that prior notice of the application be published once in a daily newspaper of general circulation in South Carolina and provide an opportunity for public comment; and (2) make the application available for public inspection to the extent required or permitted under applicable state or federal law. (d) If the applicant is an out-of-state bank holding company that is not incorporated under the laws of this State, it shall submit with the application proof that the applicant has complied with applicable requirements of Section 33-15-101(a), or if not subject to Section 33-15-101(a), has appointed an agent for service of process in the State of South Carolina.

Legislative History

HISTORY: 1996 Act No. 310, SECTION 2, eff July 1, 1996.