2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 25 - SOUTH CAROLINA BANKING AND BRANCHING EFFICIENCY ACT OF 1996
Section 34-25-250. Application.
Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a South Carolina state bank shall notify the board of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency, and shall submit a copy of that application to the board and pay the filing fee, if any, required by the board. Any South Carolina state bank which is a party to such interstate merger transaction shall comply with the South Carolina Business Corporation Act of 1988, and with other applicable state and federal laws. Any out-of-state bank which shall be the resulting bank in such an interstate merger transaction shall provide satisfactory evidence to the board of compliance with applicable requirements of Section 33-15-101.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
Editor's Note
1996 Act No. 310, Section 5, provides:
"This act takes effect on July 1, 1996. Any notice or application pending before the Board of Financial Institutions as of the effective date of this act, shall be governed by the law prior to the effective date of this act unless the applicant notifies the Board of Financial Institutions within thirty days of the effective date of this act that the applicant elects for the application to be governed by the law as of the effective date of this act, which law shall apply from the date of receipt of this notice by the Board of Financial Institutions."
