S*982 Session 103 (1979-1980)
S*0982(Rat #0540, Act #0456 of 1980) General Bill, By
Senate Banking and Insurance
A Bill to amend Section 34-9-130, Code of Laws of South Carolina, 1976,
relating to the capital and surplus reserve requirements of banks and banking
institutions so as to require such institutions to maintain minimum deposits
of cash, cash items in process of collection or cash in other banks of three
percent time deposits and seven percent demand deposits averaged over ten
working days instead of being required to maintain such cash items and minimum
depoists at all times.
03/19/80 Senate Introduced, read first time, placed on calendar
without reference SJ-99
04/10/80 Senate Read second time SJ-18
04/10/80 Senate Ordered to third reading with notice of
amendments SJ-18
04/29/80 Senate Read third time and sent to House SJ-33
04/30/80 House Introduced and read first time HJ-2424
04/30/80 House Referred to Committee on Labor, Commerce and
Industry HJ-2425
05/22/80 House Committee report: Favorable Labor, Commerce and
Industry HJ-2991
05/27/80 House Read second time HJ-3208
05/28/80 House Read third time and enrolled HJ-3239
05/29/80 Senate Ratified R 540 SJ-82
05/30/80 Signed By Governor
05/30/80 Effective date 05/30/80
05/30/80 Act No. 456
06/17/80 Copies available
(A456, R540, S982)
AN ACT TO AMEND SECTION 34-9-130, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO THE CAPITAL AND SURPLUS RESERVE REQUIREMENTS OF BANKS AND BANKING
INSTITUTIONS, SO AS TO REQUIRE SUCH INSTITUTIONS TO MAINTAIN MINIMUM DEPOSITS
OF CASH, CASH ITEMS IN PROCESS OF COLLECTION OR CASH IN OTHER BANKS OF THREE
PERCENT TIME DEPOSITS AND SEVEN PERCENT DEMAND DEPOSITS AVERAGED OVER TEN
WORKING DAYS INSTEAD OF BEING REQUIRED TO MAINTAIN SUCH CASH ITEMS AND MINIMUM
DEPOSITS AT ALL TIMES.
Be it enacted by the General Assembly of the State of South Carolina:
Banks to set aside surplus account
Section 1. Section 34-9-130 of the 1976 Code is amended to read:
"Section 34-9-130. Every bank or banking institution shall set aside to
its surplus account not less than one-tenth of its annual net earnings each
year until its surplus shall be equal to at least twenty-five percent of its
capital stock. It shall maintain minimum deposits, averaged over ten working
days beginning with the first of each month, either in cash, cash items in
process of collection, or cash in other commercial banks payable on demand, or
a combination of these of three percent of its time and savings deposits and
seven percent of its demand deposits. A bank may however deduct from its total
deposits the net of federal funds sold over federal funds purchased and book
value of investments in United States Treasury bills before computing the
above percentages. Cash items of longer standing than ten days may not
constitute a part of such reserve to be set aside. The State Board of
Financial Institutions shall enforce the provisions of this section."
Time effective
Section 2. This act shall take effect upon approval by the Governor. |