No banking institution, nonbanking subsidiary of a bank holding company, nonbanking subsidiary of a bank, or entity jointly owned by federally insured depository institutions authorized to conduct banking business in this state shall exercise any of the trust powers mentioned in this article until it shall have filed with the commissioner of banking an annual report of trust assets each calendar year. To meet the requirements of this section, the commissioner may accept a report similar to the report filed by banking institutions with federal regulators. If any such banking institution or its nonbanking subsidiary or the nonbanking subsidiary of a bank holding company or entity jointly owned by federally insured depository institutions authorized to do banking business in this state shall exercise, or attempt to exercise, any such powers or rights without having complied with the requirements of this section as to the filing of such report, it is guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $500; and in every such case, whether or not there has been a prosecution or conviction of the company so offending, the commissioner of banking, being satisfied of the facts, may publish a notice of the fact that it has failed to comply with the requirements of this section and is therefore not entitled to exercise the trust powers and rights mentioned in the preceding section. In the event a notice is published as aforesaid, it shall be published as a Class II 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 or counties in which such entity is offering such trust services. The cost of publication shall be paid by the person failing to comply with this section.
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