South Carolina Statutes
§ 34-5-150 — Liquidation by conservator.
South Carolina·Title 34 BANKING, FINANCIAL INSTITUTIONS AND MONEY·Ch. 5 MANAGEMENT OF BANK BY CONSERVATORS
When the Board shall conclude that any bank for which a conservator has been appointed is insolvent or in imminent danger of insolvency and that it is necessary to liquidate such bank in order to protect the interests of depositors and creditors, it shall order the liquidation thereof. When liquidation shall have been so ordered such liquidation shall be under and by the conservator appointed for such bank and shall continue until the liquidation of such bank has been completed. Any such conservator shall be vested with the same powers and duties as receivers of banks under existing laws, except as in its discretion the Board shall fix or limit the liquidation expenses of such bank. The liquidation of all such banks shall be under such rules and regulations as may be prescribed by the Boar
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South Carolina § 34-5-150 (Liquidation by conservator.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 8-295; 1952 Code SECTION 8-295; 1942 Code SECTION 7829-8; 1936 (39) 1484.
Nearby Sections
15
§ 34-5-10
"Bank" defined.§ 34-5-100
Termination of conservatorship.§ 34-5-110
Reorganization of bank.§ 34-5-120
Publication of notice of reorganization.§ 34-5-130
Effect of reorganization.§ 34-5-150
Liquidation by conservator.§ 34-5-40
Persons who may not be conservators.§ 34-5-60
Expenses of conservator; attorney.§ 34-5-80
Receipt of deposits.