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Can you summarize 34 SCCL Chapter 5?
Banking, Financial Institutions and Money > MANAGEMENT OF BANK BY CONSERVATORS
Short Summary
These legal documents, found in the South Carolina Code of Laws, pertain to the management of banks by conservators, the liquidation of insolvent banks, and the reorganization of banks under conservatorship. The documents outline the powers and duties of conservators, including the possession of bank assets, the conservation of bank assets, and the exercise of rights and obligations similar to receivers of insolvent banks. The documents also specify the process for liquidating a bank, subject to rules and regulations prescribed by the Board. The conservator has the right to seek direction and instruction from a court of competent jurisdiction on legal matters arising during the liquidation. Additionally, the documents outline the conditions and requirements for the reorganization of banks under conservatorship. The reorganization plan must be fair and equitable to all depositors, creditors, and stockholders, and must be in the public interest. The plan must be approved by the Board and requires the consent of depositors, creditors, and stockholders meeting certain thresholds. The documents also address the publication of notice of reorganization, the disposal of bank assets, the resumption of business by the bank’s board of directors, and the borrowing of money by conservators to pay dividends or reopen the institution. The documents further provide for the segregation and use of deposits received while a bank is in the hands of a conservator, as well as the setting aside of funds for depositors and other creditors. The expenses of a conservatorship are paid out of the bank’s assets and the conservator receives a salary determined by the Board. The documents do not specify any exemptions or penalties related to the management of banks by conservators, the liquidation of insolvent banks, or the reorganization of banks under conservatorship.
Whom does it apply to?
Banks, conservators, directors, depositors, creditors, stockholders
What does it govern?
Management of banks by conservators, liquidation of insolvent banks, reorganization of banks under conservatorship
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
South Carolina