With the prior approval of the Federal Home Loan Bank Board and other applicable federal authorities in accordance with their approval authority over the transaction and without the necessary approval of the Board except for the requirements under Section 34-28-340(b):

1. (1) A South Carolina federal association may acquire a Southern Region association; and
2. (2) A Southern Region association may acquire a South Carolina federal association.

HISTORY: 1985 Act No. 124, Section 1.

Editor's Note

1990 Act No. 504, Section 2, effective May 30, 1990, provides as follows:

"As used in Chapter 28 of Title 34 of the 1976 Code, the term "Federal Savings and Loan Insurance Corporation" is changed to "Federal Deposit Insurance Corporation", and the term "Federal Home Loan Bank Board" is changed to "Office of Thrift Supervision". Any abbreviations or variations of these terms must also be construed accordingly. The term "Federal Home Loan Bank" as used in Section 34-28-540(c) remains the same."