(a) Any bank, nonbanking subsidiary of a bank holding company, nonbanking subsidiary of a banking institution or trust entity jointly owned by federally insured depository institutions located in this state and authorized by the commissioner to operate in this state that acts as a trustee pursuant to this chapter may delegate any investment, management or administrative function if it exercises reasonable care, judgment and caution in:
(1) Selecting the delegate, taking into account the delegate's financial standing and reputation;
(2) Establishing the scope and other terms of any delegation; and
(3) Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of any delegation.
(b) Notwithstanding any delegation permitted by subsection (a) of this section, any bank, nonbanking subsidiary of a bank holding company, nonbanking subsidiary of a banking institution or trust entity jointly owned by federally insured depository institutions located in this state and authorized by the commissioner to operate in this state that acts as a trustee pursuant to this chapter shall retain at all times responsibility for the due performance of any delegated fiduciary function.
Structure West Virginia Code
Chapter 31A. Banks and Banking
Article 4. Banking Institutions and Services Generally
§31A-4-2. Use of Terms; Unlawfully Engaging in Banking Business; Penalties; Enforcement
§31A-4-3. Minimum Capital Stock; Classes of Stock; Par Value; Capitalization of Surplus
§31A-4-5. Requirements and Procedure for Incorporation of State Banks
§31A-4-6. Examination and Investigation of Proposed Bank by Board
§31A-4-8. Directors, Their Qualifications and Oaths
§31A-4-9. Fidelity Bonds and Insurance
§31A-4-10. List of Stockholders
§31A-4-10a. Stockholder Inspection of Books and Records
§31A-4-11. Liability of Stockholders
§31A-4-12. Impairment of Capital Forbidden; Remedies; Assessments; Sale of Stock
§31A-4-13. Powers of State Banking Institutions Generally
§31A-4-14. Trust Powers of Banking Institutions
§31A-4-14b. Delegation and Fiduciary Responsibility
§31A-4-16. Trust Funds to Be Kept Separate; Bookkeeping and Management
§31A-4-18. Capital as Fiduciary Security; Additional Security
§31A-4-18a. Short-Term Investments When Acting as a Fiduciary
§31A-4-21. Federal Deposit Insurance; Membership in Federal Reserve System
§31A-4-22. Reserves Required of Banking Institutions; Reports; Penalties
§31A-4-23. Borrowing by Banking Institutions; Records Thereof; Penalties
§31A-4-24. Capital Notes and Debentures; Retirement; Not Subject to Assessment
§31A-4-25. Dividends; Limitations; Penal Provisions
§31A-4-27. Loans Eligible for Federal Insurance or Guaranty
§31A-4-29. Application of Other Laws to Loans and Investments Under §§31a-4-27 and 31a-4-28
§31A-4-30. Charges and Interest Allowed in Certain Cases; Negotiability of Installment Notes
§31A-4-30a. Alternative Maximum Interest Rate on Loans by Banks Chartered Under State Law
§31A-4-32. Adverse Claims to Deposits and Property Held in Safe Deposit
§31A-4-34. Payment of Deposits to Minors
§31A-4-36. Statement of Account to Customers; Duties of Customers; Limitations
§31A-4-37. Sale of Machine Operations and Services
§31A-4-38. Direct Leasing of Personal Property
§31A-4-39. Transactions on Legal Holidays and Sundays
§31A-4-43. Negotiable Order of Withdrawal Accounts Allowed