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). Additionally, the bill allows interested parties, such as banks or bank holding companies authorized to operate in West Virginia, to seek equitable relief, including injunctions or restraining orders, to enforce these provisions.

Furthermore, the bill clarifies that the prohibition on selling or transferring a West Virginia state-chartered bank to entities not insured by the FDIC does not apply under certain circumstances, specifically to agreements executed prior to the enactment of this section. This amendment aims to enhance regulatory oversight and protect the interests of stakeholders in the banking sector while ensuring compliance with federal insurance requirements.

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