(A) The membership of a mutual state savings bank consists of those who: (1) hold deposit accounts in the state savings bank, and (2) borrow funds and those who become obligated on a loan from the state savings bank, for as long as the loan remains unpaid and the borrower remains liable to the state savings bank for the payment of the loan. (B) A person, as a matter of right or in a trust or other fiduciary capacity, or any partnership, association, corporation, political subdivision, or public or governmental unit or entity may become a member of a mutual state savings bank. Members must be possessed of voting rights and other rights as are provided by a state savings bank's articles of incorporation and bylaws as approved by the board. HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
South Carolina Legal Code