South Carolina General Assembly
108th Session, 1989-1990

Bill 1548

                    Current Status

Bill Number:               1548
Ratification Number:       601
Act Number                 504
Introducing Body:          Senate
Subject:                   South Carolina Savings Association
                           Act
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A504, R601, S1548)

AN ACT TO AMEND SECTION 34-28-310, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ACQUISITIONS UNDER THE SOUTH CAROLINA SAVINGS ASSOCIATION ACT WHICH REQUIRE CERTAIN PRIOR APPROVALS, SO AS TO AUTHORIZE AN ADDITIONAL TYPE OF ACQUISITION; AND TO REVISE CERTAIN TERMS USED IN THE SOUTH CAROLINA SAVINGS ASSOCIATION ACT.

Be it enacted by the General Assembly of the State of South Carolina:

Additional acquisitions authorized

SECTION 1. Section 34-28-310 of the 1976 Code is amended to read:

"Section 34-28-310. With the prior approval of the board in accordance with Section 34-28-340(a) and (b) and upon receipt of approval from all other applicable state and federal regulatory authorities having approval authority over the transaction:

(1) A company may become a South Carolina savings and loan holding company;

(2) A South Carolina savings and loan holding company may acquire a South Carolina association or another South Carolina savings and loan holding company;

(3) A South Carolina savings and loan holding company may acquire a Southern Region association or a Southern Region savings and loan holding company;

(4) A South Carolina savings and loan holding company may acquire an association and savings and loan holding company having association offices which are located outside of the Southern Region as is authorized under Section 34-28-350(1);

(5) A Southern Region savings and loan holding company may acquire a Southern Region savings and loan holding company having a South Carolina association subsidiary;

(6) A South Carolina state association may acquire a Southern Region association;

(7) A Southern Region association may acquire a South Carolina state association;

(8) A Southern Region savings and loan holding company may acquire a South Carolina association or a South Carolina savings and loan holding company."

Terms revised

SECTION 2. As used in Chapter 28 of Title 34 of the 1976 Code, the term "Federal Savings and Loan Insurance Corporation" is changed to "Federal Deposit Insurance Corporation", and the term "Federal Home Loan Bank Board" is changed to "Office of Thrift Supervision". Any abbreviations or variations of these terms must also be construed accordingly. The term "Federal Home Loan Bank" as used in Section 34-28-540(c) remains the same.

Time effective

SECTION 3. This act takes effect upon approval by the Governor.

Approved the 30th day of May, 1990.