The State or any department, institution, agency, district, county, municipality or other political subdivision of the State or any political or public corporation of the State or of the United States may invest its funds or the monies in its custody or possession eligible for investment in the shares of any Federal savings and loan association or in the shares of any building and loan association organized and existing under the laws of this State when such shares are insured by the Federal Savings and Loan Insurance Corporation and also in bonds or debentures issued by any Federal home loan bank or in the consolidated bonds or debentures issued by the Federal Home Loan Bank Board.
S.C. Code Ann. § 11-1-60
Investment of public funds in savings and loan associations and building and loan associations
Applied in 1 court decision — leading case O'BRIEN v. South Carolina ORBIT (2008)
Most recently applied in O'BRIEN v. South Carolina ORBIT (August 2008)
1962 Code SECTION 1-63; 1952 Code SECTION 1-63; 1942 Code SECTION 9051-2; 1935 (39) 289.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.