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Can you summarize WVCO Chapter 31A, Article 1?
BANKS AND BANKING. > GENERAL PROVISIONS AND DEFINITIONS.
Short Summary
This chapter of the West Virginia Code, known as the state banking Code of West Virginia, aims to foster and promote sound and dynamic financial institutions, particularly banking institutions, in the state. It intends to provide necessary and desirable services to the public for the economic, social, and industrial health and development of the state. The provisions of this chapter are to be interpreted, construed, and administered liberally to accomplish these purposes. The chapter provides definitions for various terms related to banks and banking, ensuring clarity and consistency in their usage. It also references other laws and acts relevant to the banking industry. The chapter applies to financial institutions and regulates their formation, organization, and operation. Existing corporate institutions are required to amend their certificates of incorporation to comply with the provisions of this chapter. All persons, businesses, or activities under the jurisdiction of the commissioner are subject to and controlled by the provisions of this chapter, regardless of their form of organization. The chapter emphasizes that references to corporations and corporate personnel also apply to associations, firms, individuals, and any other entity or form of organization conducting business under the jurisdiction of the commissioner. No specific exemptions or penalties are mentioned in this chapter.
Whom does it apply to?
This chapter of the West Virginia Code applies to financial institutions and provides regulations for their formation, organization, and operation. It requires existing corporate institutions to amend their certificates of incorporation to comply with the provisions of this chapter. Additionally, it establishes that all persons, businesses, or activities under the jurisdiction of the commissioner are subject to and controlled by the provisions of this chapter, regardless of their form of organization. The chapter clarifies that references to corporations and corporate personnel also apply to associations, firms, individuals, and any other entity or form of organization conducting business under the jurisdiction of the commissioner.
What does it govern?
This legal document provides definitions for various terms used in the West Virginia Code related to banks and banking. It clarifies the meanings of terms such as 'action', 'affiliate', 'bank', 'banking institution', 'bankers' bank', 'banking business', 'Board', 'branch bank', 'commercial activities', 'Commissioner', 'community', 'department', 'Division', 'Deputy Commissioner', 'fiduciary', 'financial institutions', 'officer', 'out-of-state bank', 'person', 'safe-deposit box', 'state bank', and 'trust business'. The document also references other laws and acts, such as the Bank Holding Company Act and the Federal Deposit Insurance Corporation.
What are exemptions?
No specific exemptions are mentioned in this chapter.
What are the Penalties?
No specific penalties are mentioned in this chapter.
Jurisdiction
West Virginia