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Can you summarize 34 SCCL Chapter 25?
Banking, Financial Institutions and Money > SOUTH CAROLINA BANKING AND BRANCHING EFFICIENCY ACT OF 1996
Short Summary
The SOUTH CAROLINA BANKING AND BRANCHING EFFICIENCY ACT OF 1996 governs the establishment, maintenance, and operation of branches by South Carolina state banks in states other than South Carolina through interstate merger transactions. It requires South Carolina state banks to obtain prior approval from the board before engaging in an interstate merger transaction. The bank must file an application, pay the prescribed fee, and comply with the applicable provisions of the South Carolina Business Corporation Act of 1988. The board will approve the interstate merger transaction and the operation of branches outside of South Carolina if it determines that the proposed transaction will not be detrimental to the safety and soundness of the bank, the new officers and directors are qualified, and the merger is consistent with the convenience and needs of the communities to be served. The interstate merger transaction can only be consummated after receiving written approval from the board. This document was enacted as Act No. 310 in 1996 and became effective on July 1, 1996.
Whom does it apply to?
South Carolina state banks seeking to engage in an interstate merger transaction
What does it govern?
Establishment, maintenance, and operation of branches by South Carolina state banks in states other than South Carolina through interstate merger transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
South Carolina