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Can you summarize 34 SCCL Chapter 25, Article 1?
SOUTH CAROLINA BANKING AND BRANCHING EFFICIENCY ACT OF 1996 > Acquisitions of Banks by Bank Holding Companies
Short Summary
The provided legal document, known as the South Carolina Banking and Branching Efficiency Act of 1996, governs the acquisitions of banks by bank holding companies in South Carolina. It grants the board the authority to promulgate regulations, enter into agreements with other bank supervisory agencies or affiliated organizations, accept reports of examination or investigation from other agencies, enter into contracts with other agencies for examiner services, conduct joint examinations or enforcement actions, and assess supervisory and examination fees. The document applies to the board, bank supervisory agencies, organizations affiliated with or representing bank supervisory agencies, South Carolina state banks, and bank holding companies that control South Carolina state banks. The board is empowered to enforce the provisions related to acquisitions of banks by bank holding companies, including seeking injunctive relief in the courts of South Carolina. Violations of the provisions may result in fines for companies and individuals, with higher penalties for officers, directors, agents, or employees who make false entries or omissions with intent to deceive. The document also outlines the process for approving acquisitions, sets time limits for the board to make decisions on applications, and establishes criteria for approval. It prohibits acquisitions that would result in the applicant and any affiliated depository institution controlling thirty percent or more of the total amount of deposits held by depository institutions in the state, unless waived for good cause shown. The document also requires bank holding companies to submit financial reports and annual reports, and grants the board the authority to examine bank holding companies. Compliance with the provisions outlined in this document is essential for companies seeking to acquire or merge with a bank holding company or a bank in South Carolina.
Whom does it apply to?
The board, bank supervisory agencies, organizations affiliated with or representing bank supervisory agencies, South Carolina state banks, and bank holding companies that control South Carolina state banks
What does it govern?
Acquisitions of banks by bank holding companies
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
Companies violating the provisions may be fined up to $100 per day, while individuals participating in violations may be fined up to $5,000. Officers, directors, agents, or employees of bank holding companies or subsidiaries who make false entries or omissions with intent to deceive may be fined up to $10,000 or imprisoned for up to one year, or both.
Jurisdiction
South Carolina