The bill amends the Code of West Virginia by adding a new section, 31A-1-7, which governs the sale or transfer of all or substantially all assets of state-chartered banks. It stipulates that any buyer or transferee must be insured by the Federal Deposit Insurance Corporation (FDIC). The bill also clarifies that this requirement does not apply to sales or transfers made under agreements executed prior to the enactment of this section or to any amendments to such agreements. Additionally, it maintains the authority of the Board or the Commissioner as outlined in existing provisions of the code.

Furthermore, the bill allows interested parties, including banks or bank holding companies authorized to operate in West Virginia, to seek equitable relief through the courts to enforce these provisions. This could include requests for permanent or temporary injunctions or restraining orders to prevent unauthorized sales or transfers of bank assets.

Statutes affected:
Introduced Version: 31A-1-7
Committee Substitute: 31A-1-7
Engrossed Committee Substitute: 31A-1-7