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Can you summarize WVCO Chapter 31A, Article 4?
BANKS AND BANKING. > BANKING INSTITUTIONS AND SERVICES GENERALLY.
Short Summary
These legal documents govern various aspects of banking institutions and services in West Virginia. They cover the chartering and operation of banking institutions, the use of certain terms in connection with business activities, the requirements for incorporating a banking institution, the qualifications and oaths of directors, fidelity bonds and insurance, stockholder lists, stockholder inspection rights, stockholder liability, powers of banking institutions, trust powers, transfer of fiduciary accounts, delegation of functions, filing of annual reports, annual stockholder meetings, trust business requirements, reproduction of checks and records, errors in account statements, sale of services and equipment, leasing of personal property, legal holidays and Sundays, operation of branches, cessation of business, prohibition of unauthorized banking and trust business, withdrawals from deposits, employment information disclosure, refusal to open checking accounts, and nondiscrimination in lending. These documents apply to banking institutions, nonbanking subsidiaries of bank holding companies, nonbanking subsidiaries of banks, entities jointly owned by federally insured depository institutions, directors, officers, stockholders, and customers of banking institutions. Specific exemptions or penalties are not mentioned in these documents.
Whom does it apply to?
Banking institutions, nonbanking subsidiaries of bank holding companies, nonbanking subsidiaries of banks, entities jointly owned by federally insured depository institutions, directors, officers, stockholders, and customers of banking institutions
What does it govern?
Banking institutions and services generally
What are exemptions?
Specific exemptions are not mentioned, but there are exceptions for nonprofit organizations, medical businesses, and bank holding companies or their nonbanking affiliates in the use of certain terms
What are the Penalties?
Violation of certain provisions is a misdemeanor offense, and the Commissioner of Banking or banking institutions may seek injunctions or other judicial remedies for enforcement
Jurisdiction
West Virginia