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Can you summarize 34 SCCL Chapter 33?
Banking, Financial Institutions and Money > BANKER'S BANKS
Short Summary
The provided legal document content pertains to the regulation of banker’s banks in South Carolina. It states that up to fifteen percent of a bank’s capital accounts may be invested in the capital stock of a banker’s bank, with a limitation that no purchase of stock may result in acquiring more than five percent of any class of voting securities of the banker’s bank. The State Board of Financial Institutions has the authority to exempt a banker’s bank from certain provisions of Title 34 of the 1976 Code if it determines that the exemption would not jeopardize the public welfare or any financial institution. Additionally, a banker’s bank is allowed to repurchase shares of its own capital stock, but the outstanding capital stock cannot be reduced below the minimum required by law without prior approval from the State Board of Financial Institutions. A banker’s bank chartered under this chapter is subject to the appropriate banking provisions in Title 34 of the 1976 Code, unless specifically provided otherwise or ordered by the State Board of Financial Institutions. The formation of a corporation to become a banker’s bank is possible with the approval of the State Board of Financial Institutions. The term ‘banker’s bank’ refers to a bank insured by the Federal Deposit Insurance Corporation or the holding company that exclusively owns or controls such an insured bank, with ownership exclusively by other banks. The bank or holding company, along with all its subsidiaries, must be engaged exclusively in providing services for other depository institutions, their officers, directors, and employees. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, banker's banks
What does it govern?
Banker's banks
What are exemptions?
The State Board of Financial Institutions may exempt a banker's bank from certain provisions of Title 34 of the 1976 Code if it determines that the exemption would not jeopardize the public welfare or any financial institution.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
South Carolina