Bill 1073

                    Current Status

Bill Number:               1073
Ratification Number:       605
Act Number                 533
Introducing Body:          Senate
Subject:                   Requirements for election as bank
                           director revised

(A533, R605, S1073)

AN ACT TO AMEND SECTION 34-3-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE OWNERSHIP OF CERTAIN SHARES OF STOCK AS A CONDITION OF ELIGIBILITY FOR ELECTION AS A BANK DIRECTOR, SO AS TO FURTHER PROVIDE FOR THE STOCK WHICH MUST BE OWNED.

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

Requirements for election as bank director revised

SECTION 1. Section 34-3-40 of the 1976 Code is amended to read:

"Section 34-3-40. No stockholder in a corporation organized under the laws of this State for banking purposes is eligible for election as a director who is not the owner of unencumbered and unpledged shares of stock in the corporation having an aggregate par value of at least five hundred dollars or having an aggregate book value as of December thirty-first of the most recent year of at least five hundred dollars. Where the banking corporation is a wholly-owned subsidiary, the required qualifying shares must be shares in the parent corporation."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.