South Carolina Code 34-30-1310. Investments in real property; limitations
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Terms Used In South Carolina Code 34-30-1310
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- bank: as used in this title must be construed to include all institutions doing any kind of banking business whose deposits are eligible for insurance by the Federal Deposit Insurance Corporation, excluding a savings bank, and "building and loan association" as used in this title must be construed to include a mutual or stock savings association, savings and loan association, or savings bank and all other institutions doing any kind of building and loan business whose deposits are eligible for insurance by the Federal Savings and Loan Insurance Corporation. See South Carolina Code 34-1-10
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
With the prior approval of the board, a state savings bank may invest in real property for the conduct of its business. The total investment in fixed assets must not exceed fifty percent of the state savings bank’s net worth.