Notwithstanding any provision of any law, ordinance, order, rule, regulation or resolution requiring depository bonds of banking institutions covering state, county and municipal deposits or the deposits of any state, county, municipality or other political subdivision agency, bureau, department, instrumentality or officer or public corporation to be renewed annually or periodically, all such depository bonds may be uniform in content and continuing in nature and need not be renewed annually or periodically, but it shall be the responsibility of any such depositor to review the bonds covering its deposits from time to time, and at least once each year on or about the anniversary date of each one thereof, to ascertain and verify that the coverage and sureties are adequate and sufficient in all particulars and that such bonds comply with all lawful requirements. In the event any bond is found to be inadequate or insufficient, written notice of the inadequacy or insufficiency shall be given to the banking institution, and it shall be the responsibility of the banking institution to act promptly to correct the same by executing a new bond or enlarging and correcting the coverage of the existing bond, or by taking such other action as may be required.
The commissioner of banking, with the approval of the Attorney General, shall prescribe the form of the uniform and continuing type of depository bonds as authorized by this section.
Notwithstanding any provision of any such law, ordinance, order, rule, regulation or resolution requiring security for such deposits in the form of collateral, surety bond or other assets or documents, security for such deposits shall not be required to the extent such deposits are insured by the federal deposit insurance corporation.
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