S.C. Code § 34-26-100
Short title
This chapter is known and may be cited as the "South Carolina Credit Union Act of 1996".
South Carolina Code Title 34, Chapter 26 — South Carolina Credit Union Act
South Carolina · statute · S.C. Code tit. 34, ch. 26 · 92 active provisions
S.C. Code § 34-26-110
Definitions
In construing this chapter, the following definitions shall apply unless such application would produce a result clearly inconsistent with the context of the provision. (1) "Board" means the South Carolina Board of Financial Institutions. (2) "Capital" means share accounts, reserves, and undivided earnings. (3) "Commis…
S.C. Code § 34-26-200
Responsibility of Board of Financial Institutions
The Board of Financial Institutions shall be responsible for the supervision and regulation of credit unions incorporated under this chapter.
S.C. Code § 34-26-210
Discretionary powers of board
(1) The board may establish procedures to implement any provision of this chapter and to define any term not defined in the chapter. Such procedures shall serve to foster and maintain an effective level of credit union services and the security of member accounts. The provisions of the State Administrative Procedures A…
S.C. Code § 34-26-220
Suspension of operations of bankrupt or insolvent credit union; liquidation of assets
(1) If it appears that any credit union is bankrupt or insolvent, or that it has wilfully violated this chapter, or is operating in an unsafe or unsound manner, the board may issue an order temporarily suspending the credit union's operations for not more than sixty days. The board of directors shall be given notice by…
S.C. Code § 34-26-230
Appointment of conservator of credit union assets by board or board designee; remedy of credit union to regain possession and control of assets
(1) The board may, at the board's sole discretion and without advance notice, self appoint or appoint an insuring organization or any other person as conservator to immediately take possession and control of the business and assets of any credit union in any case in which the board determines that such action is necess…
S.C. Code § 34-26-240
Duty of board to examine credit union; disclosure requirements of credit union officers and agents
(1) The board at periodic intervals not to exceed twenty-four months shall examine or cause to be examined each credit union. A credit union and any of its officers and agents shall be required to give the board or the board's representatives full access to all books, papers, securities, records, and other sources of i…
S.C. Code § 34-26-250
Duty of credit union to maintain books, records, accounting systems, and procedures
(1) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with such regulations as the board from time to time prescribes. (2) A credit union is not liable for destroying records after the expiration of the record retention time prescribed by regulation, except for any recor…
S.C. Code § 34-26-260
Form of credit union annual report to board
(1) Credit unions shall report to the board annually on forms approved by the board for that purpose. Additional reports may be required. (2) A charge shall be levied, as prescribed by regulation, for each day a credit union fails to provide a required report, unless it is excused for cause.
S.C. Code § 34-26-270
Fees to defray administration, supervision, examination, and other expenses of annual examination of credit union
(1) The board shall establish annual supervisory fees to be paid by credit unions. Such fees shall defray, as far as practicable, the administrative, supervisory, examining, and other expenses of the annual examination. (2) Any such fees established shall be in accordance with a graduated scale on the basis of assets a…
S.C. Code § 34-26-280
Conflict of interest; prohibitions respecting board or commissioner's office employees and credit unions
(1) No employee of the South Carolina Board of Financial Institutions or the commissioner's office shall be an officer, director, or attorney for any credit union incorporated under this chapter, or, except as provided in subsection (2), receive, directly or indirectly, any payment or gratuity from any such credit unio…
S.C. Code § 34-26-300
Application for credit union charter of incorporation; articles of incorporation and bylaws
(1) Any ten or more residents of this State, of legal age, who share one or more common bonds referred to in Section 34-26-500(2) with one thousand or more residents of this State may apply for a credit union charter by complying with this section. (2) The incorporators shall prepare, adopt, and execute in duplicate ar…
S.C. Code § 34-26-310
Consideration of application; time period for approval or denial; factors considered
(1) The board shall act upon the application within ninety days. The application shall be approved if the articles and bylaws are in conformity with this chapter and the board is satisfied that: (a) the characteristics of the membership set forth in the application for charter are favorable to the economic viability of…
S.C. Code § 34-26-320
Model articles of incorporation to facilitate organization of credit unions
In order to simplify the organization of credit unions, the commissioner shall cause to be prepared model articles of incorporation and bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance. Such articles of incorporation and bylaws shall be available to persons desiri…
S.C. Code § 34-26-330
Amendment of articles of incorporation and bylaws
(1) The articles of incorporation and the bylaws may be amended as provided in the articles and bylaws, respectively. Amendments to the bylaws shall be submitted to the commissioner for approval. (2) Amendments shall become effective upon approval in writing by the commissioner.
S.C. Code § 34-26-340
Name requirements of credit unions
(1) The name of every credit union organized under this chapter shall include the phrase "credit union". No credit union may adopt a name either identical to the name of any other credit union doing business in this State or so similar to the name of any other credit union doing business in this State as to be misleadi…
S.C. Code § 34-26-350
Principal place of business of credit union; other locations
(1) A credit union may change its principal place of business within this State upon approval of the commissioner. (2) A credit union may maintain and dispose of other service facilities, including automated terminals, at locations other than its principal office upon approval of the commissioner. The maintenance of su…
S.C. Code § 34-26-360
Fiscal year
The fiscal year of each credit union incorporated under this chapter shall end on the last day of December.
S.C. Code § 34-26-370
Conduct of business in state by lawful out-of-state credit union; requirements of board approval
(1) A credit union organized under the laws of another state or territory of the United States may conduct business as a credit union in this State with the approval of the board, provided credit unions incorporated under this chapter are allowed to do business in the other state under conditions similar to these provi…
S.C. Code § 34-26-380
Conduct of business out-of-state by credit union; necessity of board approval
A credit union incorporated under this chapter may conduct business outside of this State, in other states, or territories where it is permitted to conduct business as a credit union. However, a credit union may not operate an out-of-state branch without first obtaining approval of the board.
S.C. Code § 34-26-390
Exemption of credit union from business license tax
Credit unions organized under this chapter are exempt from business license taxes.
S.C. Code § 34-26-400
Particular powers of cooperative credit union; loans to other credit unions
A cooperative credit union may receive the savings of its members in payment for shares, may lend to its members at reasonable rates of interest, not to exceed the rate authorized by law, or may invest, as provided by law, the funds so accumulated, may borrow from banks, savings and loan associations, trust companies,…
S.C. Code § 34-26-410
Additional powers of credit union
In addition to the powers mentioned elsewhere in this chapter, a credit union may: (1) enter into contracts of any nature; (2) sue and be sued; (3) adopt, use, and display a corporate seal; (4) acquire, lease, hold, assign, pledge, hypothecate, sell, discount, or otherwise dispose of property or assets, either in whole…
S.C. Code § 34-26-420
Powers incidental to purpose of credit union; limitations
A credit union may exercise incidental powers to enable it to carry out its purposes. However, the powers granted by state law or regulation to a state-chartered credit union shall not exceed those provided by federal law to a federally chartered credit union.
S.C. Code § 34-26-500
Requirements of membership; eligible groups; requirement of board approval
(1) The membership of a credit union may consist of groups having different common bonds, having been duly admitted as members, having paid any required one-time or periodic membership fee, or both, having subscribed to one or more shares, and having complied with such other requirements as the articles of incorporatio…
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