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Can you summarize 34 SCCL Chapter 21?
Banking, Financial Institutions and Money > BANKS AND CORPORATIONS DOING TRUST BUSINESS
Short Summary
The legal documents found in the South Carolina Code of Laws pertain to trust institutions administering common trust funds. These documents outline the requirements for conducting an annual audit of the common trust fund, including the preparation of a financial report based on the audit. The financial report should include a list of investments, details of purchases and sales, income and disbursements, and any investments in default. The report must be filed with the appropriate regulatory authority and provided to account holders. The documents also address the investment and withdrawal of moneys in common trust funds, specifying that moneys can be invested in the fund and withdrawn based on written requests. The trust institution has exclusive management and control over the common trust fund and the right to sell or dispose of its assets. The documents also provide definitions for various terms related to trust institutions and fiduciaries. No specific exemptions or penalties are mentioned in these documents. Another legal document found in the South Carolina Code of Laws governs the forms of security required for funds received or held in the trust department of a bank or trust company. It applies to banks, trust companies, or corporations acting in a fiduciary capacity. The document specifies that the securities of each individual trust must be in the joint custody of two or more designated officers or employees who are bonded. The investments of each individual trust must be kept separate and distinct from all other trusts and plainly marked. Funds held by the trust department must be invested in accordance with the will or agreement governing the trust, or under the terms of the laws for such investments in the state if no direction is provided. The investments must be made by an investment committee appointed by the board of directors and approved by the board of directors. Banks, trust companies, or corporations acting in a fiduciary capacity must segregate all assets held in any fiduciary capacity from their general assets and maintain separate books or records for transactions related to the fiduciary business. All state-chartered banks, building and loan associations, savings associations, savings and loan associations, savings banks, trust companies, and fiduciary corporations authorized to conduct a trust business in South Carolina are subject to examination by the State Board of Financial Institutions and must comply with rules and regulations promulgated by the Board. No corporation, partnership, or other person is allowed to conduct a trust business in the state without obtaining written approval from the State Board of Bank Control, except for those actively engaged in conducting a trust business before January 1, 1972. Natural persons or national banking associations with their principal place of business in the state can qualify and act as trustees, executors, administrators, guardians, committees, or in any other fiduciary capacity. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Banks, trust companies, or corporations acting in a fiduciary capacity
What does it govern?
Trust institutions administering common trust funds
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
South Carolina