H. B. 2096
(By Delegates Farris and Beane)
[Introduced January 20, 1995; referred to the
Committee on Banking and Insurance.]
A BILL to amend and reenact section nineteen, article four,
chapter thirty-one-a of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
state banking institution reports; eliminating the
requirement of publication; who bears the cost of report.
Be it enacted by the Legislature of West Virginia:
That section nineteen, article four, chapter thirty-one-a of
the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 4. BANKING INSTITUTIONS AND SERVICES GENERALLY.
§31A-4-19. Reports.
Every state banking institution shall make at least four
reports each year to the commissioner of banking upon his or her
call therefor. Such The reports shall be called for as nearly as
conveniently may be on the dates on which the comptroller of the
currency shall call for reports by national banking associations,
and be in such the form and contain such the details as shall be
prescribed by the commissioner of banking. The reports shall be
verified by the oath of the president or active vice president or
cashier and attested by the signatures of at least three
directors of the banking institution. Each report shall show in
detail, under appropriate heads, the resources and liabilities of
the banking institution at the close of business on the date
specified by the banking commissioner, and shall be transmitted
to the commissioner within ten days from the receipt of the
request for the same report.
Such report, in the same form in which it is made to the
commissioner of banking, shall be published as a Class I legal
advertisement in compliance with the provisions of article three,
chapter fifty-nine of this code, and the publication area for
such publication shall be the county in which the banking institution is located.
In lieu of such the report, and publication, the
commissioner of banking shall have discretion to accept from a
banking institution which is a member of the federal reserve
system a report, and the publication thereof required of such the
banking institution by the federal reserve board, or by its
agency, provided that such the report shall show in detail, under
appropriate heads, the resources and liabilities of the banking
institution at the close of business on the day specified by the
federal reserve board, or by its agency, and shall contain such
further details as may be deemed necessary or desirable by the
commissioner of banking.
Any report and the publication thereof shall be at the
expense of the banking institution. and it shall furnish to the
commissioner of banking such proof of the publication as may be
required by him
NOTE: The purpose of this bill is to eliminate the
newspaper publication requirement for state chartered banks.
Federally chartered financial institutions are no longer required
to make such a publication.