South Carolina § 34-3-350 Directors shall review reports of examinations.

South Carolina Statutes

§ 34-3-350 — Directors shall review reports of examinations.

South Carolina·Title 34 BANKING, FINANCIAL INSTITUTIONS AND MONEY·Ch. 3 BANKS AND BANKING GENERALLY

Upon the examination of any state banking institution, the Commissioner of Banking shall, as soon as he can conveniently do so, forward a copy of the report of the examination to the chief executive of the bank who shall, within thirty days of receipt of the report, call a meeting of the directors of the bank for the purpose of reviewing the report and taking such action as is necessary. In forwarding such report to the chief executive, the commissioner shall use the form of notice contained in Section 34-3-360 and in certifying that such reports have been reviewed by the directors, the banking institution shall use the form contained in Section 34-3-370, and all directors who were present at the meeting shall sign the form contained in Section 34-3-370, certifying that they have received 

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Upon the examination of any state banking institution, the Commissioner of Banking shall, as soon as he can conveniently do so, forward a copy of the report of the examination to the chief executive of the bank who shall, within thirty days of receipt of the report, call a meeting of the directors of the bank for the purpose of reviewing the report and taking such action as is necessary. In forwarding such report to the chief executive, the commissioner shall use the form of notice contained in Section 34-3-360 and in certifying that such reports have been reviewed by the directors, the banking institution shall use the form contained in Section 34-3-370, and all directors who were present at the meeting shall sign the form contained in Section 34-3-370, certifying that they have received the report of the commissioner.

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Legislative History

HISTORY: 1962 Code SECTION 8-256; 1952 Code SECTION 8-256; 1942 Code SECTION 7869; 1932 Code SECTION 7877; 1929 (36) 127; 1933 (38) 296; 1936 (39) 1484; 2021 Act No. 30 (S.467), SECTION 2, eff May 6, 2021. Effect of Amendment 2021 Act No. 30, SECTION 2, rewrote the section.