§31A-7-7. Reorganization, Purchase, Merger or Consolidation of and by Financial Institutions; Conversion of National Bank to State Bank; Obligations Remain Effective
Subject to the other provisions of this section, in any voluntary or involuntary proceeding to liquidate a financial institution for which a receiver has been appointed under this article, such institution, with the written consent of the commissioner, may reorganize, reclaim possession of its assets and continue in business. Any financial institution may at any […]
§31A-7-8. Voluntary Liquidation by Financial Institution
Any financial institution may, after thirty days' notice to the commissioner, cease to transact business and go into voluntary liquidation and convert its assets into money and pay the money to the persons entitled thereto.
§31A-7-2. Definitions
As used in this article: (a) "Commissioner" means the commissioner of banking of West Virginia and any authorized deputy or employee thereof; (b) "Federal law" means all the provisions of Title XII of the United States Code and all rules and regulations promulgated pursuant thereto; (c) "Financial institution" means any bank, building and loan association, […]
§31A-7-3. Conservatorship; Reorganization
(a) Whenever the commissioner considers it necessary in order to protect or preserve the assets of any financial institution in this state for the benefit of the depositors and other creditors thereof, he may appoint a conservator for such financial institution. The conservator may be an employee of the state department of banking and shall […]
§31A-7-1. Purpose; Construction
(a) The purpose of this article is to: (1) To the maximum extent possible, protect and preserve the assets of depositors, shareholders and other creditors in the financial institutions of this state;