{"data":{"id":"us-sc/s.c.-code-ann.-34-30-1420","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 34-30-1420","heading":"Establishment of service corporations; investments in securities of existing service corporations; limitations; audit and examination; report of proposed activities, objections; office locations.","body":"(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.\n(B) A state savings bank may not make an investment in a service corporation in excess of ten percent of its net worth.\n(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.\n(D) The proposed activities of a service corporation must be reported to the board, which has sixty days to object to the activities.\n(E) The location of the principal and branch offices of a service corporation must be approved by the board.","path":["Title 34 - BANKING, FINANCIAL INSTITUTIONS AND MONEY","CHAPTER 30 State Savings Bank","ARTICLE 7 Loans and Investments"],"source_url":"https://www.scstatehouse.gov/code/t34c030.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:06:44Z","sha256":"3497bf6937050bc53d7b85e9056a1fde0fd7ce0519a14f9216363d0fbe5c5d2d","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-34-30-1410","next":"us-sc/s.c.-code-ann.-34-30-1430"},"notice":"GroundRules: Original legal text. Not legal advice."}