South Carolina § 34-3-380 Report of condition.

South Carolina Statutes

§ 34-3-380 — Report of condition.

South Carolina § 34-3-380

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 3BANKS AND BANKING GENERALLY

This text of South Carolina § 34-3-380 (Report of condition.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 34-3-380 (2026).

Text

All institutions doing business in this State in lending money and receiving deposits, under acts of incorporation granted by the State, under penalty of a forfeiture of their charters, shall provide when and as called for by the State Board of Financial Institutions, without previous notice, a correct report of the condition and business of the institution. The report must contain a statement under oath by the chief executive or chief financial officer of the institution of the amount of the capital stock paid in, the institution's total capital as compared to the minimum capital set forth in Section 34-9-40, deposits, discounts, property, and liabilities of the institution verified by two of the directors. This section applies to all private banking institutions whether chartered or not.

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All institutions doing business in this State in lending money and receiving deposits, under acts of incorporation granted by the State, under penalty of a forfeiture of their charters, shall provide when and as called for by the State Board of Financial Institutions, without previous notice, a correct report of the condition and business of the institution. The report must contain a statement under oath by the chief executive or chief financial officer of the institution of the amount of the capital stock paid in, the institution's total capital as compared to the minimum capital set forth in Section 34-9-40, deposits, discounts, property, and liabilities of the institution verified by two of the directors. This section applies to all private banking institutions whether chartered or not. The board shall accept in lieu of the report required by this section a report of condition filed with the federal banking agencies.

Legislative History

HISTORY: 1962 Code SECTION 8-259; 1952 Code SECTION 8-259; 1942 Code SECTION 7861; 1932 Code SECTIONS 1354, 7858; Cr. C. '22 SECTIONS 245, 3988; Cr. C. '12 SECTIONS 255, 2642; Civ. C. '02 SECTION 1766; G. S. 1352; R. S. 1468; 1874 (15) 526; 1904 (24) 398; 1909 (26) 90; 1933 (36) 296; 1936 (39) 1484; 1985 Act No. 128, SECTION 3; 1995 Act No. 116, SECTION 1, eff (became law without the Governor's signature on June 13, 1995); 2021 Act No. 30 (S.467), SECTION 5, eff May 6, 2021. Effect of Amendment The 1995 amendment provided for submitting a report of condition filed with federal banking agencies in lieu of the report required by this section. 2021 Act No. 30, SECTION 5, in the second sentence, substituted "The report must" for "The report shall" and "chief executive or chief financial officer" for "president or cashier", inserted "the institution's total capital as compared to the minimum capital set forth in Section 34-9-40,", and substituted "two of the directors" for "three of the directors".