H. B. 4094
(By Delegates Thompson, Flanigan, Kominar,
Fantasia, Smith, Gillespie and Walters)
[Introduced January 26, 1998; referred to the
Committee on Banking and Insurance then Finance.]
A BILL to amend and reenact section one, article six, chapter seven of the code of West Virginia one thousand nine hundred thirty-one, as amended, relating to counties selecting depositories for their moneys to provide nondiscriminatory treatment of out-of-state banks as required by changes in federal law; and to delete and correct obsolete references.
Be it enacted by the Legislature of West Virginia:
That section one, article six, chapter seven of the code of
West Virginia one thousand nine hundred thirty-one, as amended,
be amended and reenacted to read as follows:
ARTICLE 6. COUNTY DEPOSITORIES.
§7-6-1. Designation of depositories.
On or before the thirtieth day of June, of each year, the
county court county commission of every county shall, by order of
record, designate all of the banking institutions, as defined in
section two, article four one, chapter thirty-one thirty-one-a
of this code, situated in the county and duly incorporated under
the laws of this any state, or organized under the laws of the
United States, as depositories of public moneys: Provided, That
in any county where no such banking institutions exist, or where
such banking institutions fail, refuse or neglect to comply with
all the provisions and conditions of this article, the county
court commission shall designate some qualified banking
institution in some other county of this state convenient to the
county seat. Risk and expense of making deposits in county
depositories located outside of the county seat shall be borne by
the banking institution in which the deposits are made. When any
banking institution, designated by the county court commission as
provided by this section, has complied with all of the
requirements and provisions of this article, the court commission
shall declare it a county depository.
NOTE: The purpose of this bill is to provide non- discriminatory treatment of out-of-state banks in acting as
county depositories, as is required by changes in federal law
regarding interstate banking; and to delete and correct obsolete
Strike-throughs indicate language that would be stricken from present law, and underscoring indicates new language that
would be added.