2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 1 - STATE BOARD OF FINANCIAL INSTITUTIONS
Section 34-1-70. Approval of charters of banks, building and loan associations, savings and loan associations, and savings banks; approval of branches.
No bank, building and loan association, savings and loan association, or savings bank may be granted a charter by the Secretary of State unless and until the Board has approved the application in writing. No branch bank, branch building and loan association, branch savings and loan association, or branch savings bank may be established without the approval in writing of the Board. Before any application for the incorporation of a bank, building and loan association, savings and loan association, or savings bank, or the establishment of a branch thereof may be approved, the Board shall make an investigation to determine whether or not the applicants have complied with all the provisions of law, whether in the judgment of the Board they are qualified to operate the institution and whether the establishment of the bank, building and loan association, savings and loan association, or savings bank or of a branch thereof, would serve the public interest, taking into consideration local circumstances and conditions at the place where it proposes to do business. A remote service unit as defined in Section 34-28-30 is not considered a branch of a bank, building and loan association, savings and loan association, or a savings bank and is not subject to any of the provisions of this section applicable to branch applications.
HISTORY: 1962 Code Section 8-57; 1952 Code Section 8-57; 1942 Code Section 7829-2; 1936 (39) 1484; 1956 (49) 2073; 1985 Act No. 128, Section 2.
