South Carolina Code 34-3-350. Directors shall review reports of examinations
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Terms Used In South Carolina Code 34-3-350
- 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
Upon the examination of any state banking institution, the Commissioner of Banking shall, as soon as he can conveniently do so, forward a copy of the report of the examination to the chief executive of the bank who shall, within thirty days of receipt of the report, call a meeting of the directors of the bank for the purpose of reviewing the report and taking such action as is necessary. In forwarding such report to the chief executive, the commissioner shall use the form of notice contained in § 34-3-360 and in certifying that such reports have been reviewed by the directors, the banking institution shall use the form contained in § 34-3-370, and all directors who were present at the meeting shall sign the form contained in § 34-3-370, certifying that they have received the report of the commissioner.