(A) A state savings bank or group of savings institutions may establish service corporations. A state savings bank also may invest in the capital stock, obligations, or other securities of existing service corporations. (B) A state savings bank may not make an investment in a service corporation in excess of ten percent of its net worth. (C) A service corporation is subject to audit and examination by the board, and the service corporation must pay a supervisory fee established by the board. (D) The proposed activities of a service corporation must be reported to the board, which has sixty days to object to the activities. (E) The location of the principal and branch offices of a service corporation must be approved by the board. HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
South Carolina Legal Code