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Can you summarize WVCO Chapter 31A, Article 4A?
BANKS AND BANKING. > CONVERSION OF NATIONAL BANKS TO STATE-CHARTERED BANKS.
Short Summary
This legal document governs the conversion of national banks to state-chartered banks in West Virginia. It allows any bank, thrift, or credit union organized under the laws of the United States or any other state to convert into a state bank with the approval of the board of Banking and Financial Institutions. The converting institution must file an application with the division, along with articles of incorporation, bylaws for the proposed state bank, and a fee. The application is subject to the same requirements and procedures as a newly organizing state bank. The board of Banking and Financial Institutions conducts an examination and investigation to ensure the safety and soundness of the applicant. Once the conversion is approved, the converting institution and its stakeholders have the same powers, privileges, duties, liabilities, and regulations as banks originally organized under West Virginia laws. All property, rights, interests, assets, and benefits of the converting institution automatically become the property of the state bank without the need for conveyance or transfer. The state bank is considered a continuation of the entity and identity of the converting institution, with all rights, obligations, relations, trusts, duties, and liabilities remaining unimpaired. Any reference to the converting institution in contracts, wills, or documents is considered a reference to the state bank, unless expressly provided otherwise. After receiving a state charter, the bank must file a certificate of incorporation or articles of organization in compliance with the applicable chapters of the West Virginia Code. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, thrifts, and credit unions organized under the laws of the United States or any other state
What does it govern?
Conversion of national banks to state-chartered banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
West Virginia