Laws Lawyers Find Laws Legal Forms State Laws Bills

WEST VIRGINIA STATUTES AND CODES

§31A-7-1 Purpose; construction.

Listen
§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;(2) Maintain the financial integrity, stability and accountability of the financial institutions of this state;(3) Strengthen and make more effective the authority of the state commissioner of banking to protect and preserve such assets and maintain such integrity, stability and accountability;(4) Permit the federal deposit insurance corporation in all appropriate cases to act as receiver for a failing financial institution; and(5) Make more practical and more flexible the conservatorship and receivership provisions of this article dealing with financial institutions that are substantially impaired, have failed or appear to be about to fail.(b) The provisions of this article are intended to be remedial and protective, and they shall be liberally construed to carry out such intent and the purpose of this article.
Loading...
  • Play
  • Pause
  • Volume:
  • Mute
  • Half
  • Max
  • §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;

    (2) Maintain the financial integrity, stability and accountability of the financial institutions of this state;

    (3) Strengthen and make more effective the authority of the state commissioner of banking to protect and preserve such assets and maintain such integrity, stability and accountability;

    (4) Permit the federal deposit insurance corporation in all appropriate cases to act as receiver for a failing financial institution; and

    (5) Make more practical and more flexible the conservatorship and receivership provisions of this article dealing with financial institutions that are substantially impaired, have failed or appear to be about to fail.

    (b) The provisions of this article are intended to be remedial and protective, and they shall be liberally construed to carry out such intent and the purpose of this article.

    West Virginia Forms by Issue

    West Virginia Court Forms
    >
    >
    >

    West Virginia Law

    West Virginia State Laws
        > West Virginia Child Support
        > West Virginia Gun Laws
        > West Virginia State Laws
    West Virginia Tax
        > West Virginia State Tax
    West Virginia Agencies
        > West Virginia Department of Education

    West Virginia Court Map

    Tips