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ENROLLED
Senate Bill No. 278
(By Senators Minard, Jenkins and Love)
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[Passed April 8, 2005; in effect ninety days from passage.]
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AN ACT to amend and reenact §31A-4-10 of the Code of West Virginia,
1931, as amended, relating to lists of stockholders of banking
institutions and bank holding companies; defining bank holding
company for the purpose of said section; and requiring certain
bank holding companies to submit annually lists of
stockholders.
Be it enacted by the Legislature of West Virginia:
That §31A-4-10 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 4. BANKING INSTITUTIONS AND SERVICES GENERALLY.
§31A-4-10. List of stockholders.
For the purposes of this section, "bank holding company" means
any company which has control over any West Virginia state
chartered bank, including financial holding companies as defined by
the Bank Holding Company Act, 12 U. S. C. §1841(p).
"Control" shall be construed consistently with section 2(a) of
the Bank Holding Company Act, 12 U. S. C. §1841(a).
In addition to the requirements of chapter thirty-one-d of
this code, the President, or other Executive Officer of every state
banking institution and every bank holding company with a
controlling interest in a state banking institution shall cause to
be kept at all times a full and correct list of the names and post
office addresses of the stockholders of the banking institution or
bank holding company who directly or indirectly own, control or
hold with power to vote five percent or more of the outstanding
shares of that institution, and the number of shares owned by each,
in the office where its business is transacted. This list shall be
open to inspection by all of the stockholders of the banking
institution or bank holding company, and the officers authorized by
law to assess taxes, during business hours of each day, except
Sundays and holidays. A copy of this list shall be made on the
first Monday in July of each year and verified by the oath of the
President or other executive officer and immediately transmitted by
mail to the Commissioner of Banking at his or her office. A bank
holding company may comply with the reporting requirement of this
section by simultaneously filing with the Commissioner a copy of
the annual report it files with its federal reserve bank.