South Carolina § 34-30-1420 Establishment of service corporations; investments in securities of existing service corporations; limitations; audit and examination; report of proposed activities, objections; office locations.

South Carolina Statutes

§ 34-30-1420 — Establishment of service corporations; investments in securities of existing service corporations; limitations; audit and examination; report of proposed activities, objections; office locations.

South Carolina § 34-30-1420

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 30STATE SAVINGS BANK

This text of South Carolina § 34-30-1420 (Establishment of service corporations; investments in securities of existing service corporations; limitations; audit and examination; report of proposed activities, objections; office locations.) 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. § 34-30-1420 (2026).

Text

(A)A state savings bank or group of savings institutions may establish service corporations. A state savings bank also may invest in the capital stock, obligations, or other securities of existing service corporations.

(B)A state savings bank may not make an investment in a service corporation in excess of ten percent of its net worth.

(C)A service corporation is subject to audit and examination by the board, and the service corporation must pay a supervisory fee established by the board.

(D)The proposed activities of a service corporation must be reported to the board, which has sixty days to object to the activities.

(E)The location of the principal and branch offices of a service corporation must be approved by the board.

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(A) A state savings bank or group of savings institutions may establish service corporations. A state savings bank also may invest in the capital stock, obligations, or other securities of existing service corporations. (B) A state savings bank may not make an investment in a service corporation in excess of ten percent of its net worth. (C) A service corporation is subject to audit and examination by the board, and the service corporation must pay a supervisory fee established by the board. (D) The proposed activities of a service corporation must be reported to the board, which has sixty days to object to the activities. (E) The location of the principal and branch offices of a service corporation must be approved by the board.