WVC 31 A- 4 - 12
§31A-4-12. Impairment of capital forbidden; remedies;
assessments; sale of stock.
The officers and directors of a state banking institution
shall not pay out, disburse or withdraw, or permit to be paid
out, disbursed or withdrawn, in any manner whatever, any part of
the capital of the corporation except in case of merger or
consolidation, as hereinafter provided. Whenever, from any
cause, the capital of such banking institution shall become
impaired it shall be the duty of the officers and directors of
such institution, forthwith, to cause any such impairment to be
made good, by assessing the amount of the deficiency pro rata on
the shares of the capital stock outstanding, which assessments
shall be paid within thirty days after notice thereof. If any
stockholder shall neglect or refuse to pay the assessment on his
shares after thirty days' notice, it shall be the duty of the
board of directors to cause a sufficient number of his shares of
stock to be sold for cash, at public sale at the banking room of
the banking institution.
Notice of such sale 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 in which the banking
institution is located. The first publication shall be made at
least ten days before the date of such sale.
Any surplus from the sale of any share shall be paid to the
A sale of stock as provided in this section shall effect an absolute cancellation of the outstanding certificate, or
certificates, evidencing the stock so sold, and shall make such
certificate null and void, and a new certificate shall be issued
by the bank to the purchaser of such stock.