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Can you summarize 34 SCCL Chapter 13?
Banking, Financial Institutions and Money > BANK LOANS AND INVESTMENTS
Short Summary
The legal document content provided covers various aspects related to bank loans and investments. It includes provisions governing the establishment and operations of bank service corporations, allowing banks to invest in such corporations up to a limit of ten percent of the bank’s capital and surplus. The document also allows banking institutions or trust companies to invest in or lend money on the security of various types of bonds and debentures related to farm loans, with specific eligible securities mentioned. It further regulates loans or discounts on the security of a banking institution’s own capital stock, allowing such purchases under certain conditions. The document also specifies the maximum amounts of loans that can be made by state banks, based on the bank’s capital, surplus, and deposits. Additionally, it governs obligations secured by shipping documents or warehouse receipts, specifying limitations based on the market value of the staples securing the obligations. Lastly, the document sets forth the maximum amounts of loans that a bank can extend to a borrower, with specific limitations based on the bank’s unimpaired capital and approval requirements for certain liabilities. The document does not mention any specific exemptions or penalties related to these provisions.
Whom does it apply to?
Bank service corporations, banking institutions or trust companies organized under the laws of South Carolina, state banks
What does it govern?
Establishment and operations of bank service corporations, investment in or lending on the security of various types of bonds and debentures related to farm loans, loans or discounts on the security of a banking institution's own capital stock, maximum amounts of loans that can be made by state banks, obligations secured by shipping documents or warehouse receipts, maximum amounts of loans that a bank can extend to a borrower
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
South Carolina