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Bill Number: 3333 Ratification Number: 311 Act Number 303 Introducing Body: House Subject: Method of determining bank license fee
(A303, R311, H3333)
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."
SECTION 2. This act is effective for all corporate returns filed on or after December 31, 1988.