South Carolina Code 34-30-420. Applications for permission to organize interim state savings banks; preliminary approval
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(A) Article 2 of this chapter does not apply to applications for permission to organize an interim state savings bank so long as the application is approved by the board.
(B) Preliminary approval of an application for permission to organize an interim state savings bank is conditional upon the board’s approval of an application to merge the interim state savings bank and an existing stock state savings bank or on the board’s approval of another transaction.
Terms Used In South Carolina Code 34-30-420
- 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