WVC 12 - 5 - 2
§12-5-2. Treasurer custodian of securities; charges to companies
for care, exchange and substitution of securities.
(a) The treasurer of this state, unless otherwise expressly
provided by law, shall be custodian of all securities required by
law to be deposited with the state or held in legal custody by the
state, and all departments of this state, commissioners or agents
of the state, who hold any such securities, shall transfer and
deliver the same to the state treasurer to be kept and held by him
as legal custodian thereof until released in the manner provided by
, That the state treasurer shall establish a list of
which securities shall be acceptable securities and notify all
state agencies of the contents of that list: Provided, however,
That the provisions of this subsection shall not apply to the
investment management board.
(b) The treasurer may by formal order of record fix fair and
reasonable charges for the care, custody, exchange and substitution
of securities deposited by insurance companies and companies
issuing annuity contracts. The treasurer shall collect the charges
from the companies and shall deposit the collections in the general
revenue fund: Provided, That no charge shall be made against any
company depositing securities of the par value of less than three
hundred thousand dollars.