Senate Bill No. 209
(By Senator Helmick)
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[Introduced January 23, 1998; referred to
the Committee on Banking and Insurance.]
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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.
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(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
references.
Strike-throughs indicate language that would be stricken
from present law, and underscoring indicates new language that
would be added.)