H*3333(Rat #0311, Act #0303 of 1988)  General Bill, By R.N. McLellan, Alexander, 
Bailey, J.M. Baxley, L.E. Bennett, Boan, T.M. Burriss, Carnell, W.N. Cork, 
R.S. Corning, C.M. Dangerfield, T.W. Edwards, J.G. Felder, S.R. Foster, Harvin, 
R.L. Helmly, J.H. Hodges, D.N. Holt, J.C. Johnson, R.A. Kohn, Martin, 
J.G. McAbee, F.E. McBride, W.S. McCain, J.T. McElveen, A.C. McGinnis, McKay, 
D.E. McTeer, J.T. Petty, Rhoad, J.I. Rogers, T.F. Rogers, Sheheen, P.E. Short, 
J.J. Snow, J.H. Toal, J.W. Tucker, J.B. Wilder, Wilkins and D.E. Winstead
 A Bill to amend Chapter 19, Title 12, Code of Laws of South Carolina, 1976,
 relating to license fees of corporations, by adding Section 12-19-95 so as to
 provide a method by which the amount of the license fee must be measured and
 provide for the definitions of "bank", "bank holding company", "subsidiary",
 "association", and "savings and loan holding company".

   11/02/87  House  Prefiled
   11/02/87  House  Referred to Committee on Ways and Means
   01/12/88  House  Introduced and read first time HJ-254
   01/12/88  House  Referred to Committee on Ways and Means HJ-254
   01/13/88  House  Committee report: Favorable Ways and Means HJ-325
   01/14/88  House  Read second time HJ-414
   01/19/88  House  Read third time and sent to Senate HJ-373
   01/20/88  Senate Introduced and read first time SJ-8
   01/20/88  Senate Referred to Committee on Banking and Insurance
   01/21/88  Senate Committee report: Favorable Banking and Insurance SJ-37
   01/26/88  Senate Read second time SJ-34
   01/26/88  Senate Unanimous consent for third reading on next
                     legislative day SJ-34
   01/27/88  Senate Read third time and enrolled SJ-22
   01/28/88         Ratified R 311
   02/02/88         Signed By Governor
   02/02/88         Effective date 12/31/87
   02/02/88         Act No. 303
   02/02/88         See act for exception to or explanation of
                     effective date
   02/16/88         Copies available

AN ACT TO AMEND CHAPTER 19, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LICENSE FEES OF CORPORATIONS, BY ADDING SECTION 12-19-95 SO AS TO PROVIDE A METHOD BY WHICH THE AMOUNT OF THE LICENSE FEE MUST BE MEASURED AND PROVIDE FOR THE DEFINITIONS OF "BANK", "BANK HOLDING COMPANY", "SUBSIDIARY", "ASSOCIATION", AND "SAVINGS AND LOAN HOLDING COMPANY".

Be it enacted by the General Assembly of the State of South Carolina:

Method of determining fee

SECTION 1. Chapter 19, Title 12 of the 1976 Code is amended by adding:

"Section 12-19-95. The amount of the license fee required by Section 12-19-70 for a bank holding company and savings and loan holding company must be measured by the capital stock and paid in surplus of the holding company exclusive of the capital stock and paid in surplus of any bank or savings and loan association that is a subsidiary of the holding company. For the purposes of this section, 'bank', 'bank holding company', and a 'subsidiary' of a bank holding company have the same definitions as in Section 34-24-20, and savings and loan 'association', 'savings and loan holding company', and a 'subsidiary' of a savings and loan association have the same definition as in Section 34-28-300."

Time effective

SECTION 2. This act is effective for all corporate returns filed on or after December 31, 1988.