West Virginia Code 31A-7-8 – Voluntary liquidation by financial institution
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Any financial institution may, after thirty days' notice to the commissioner, cease to transact business and go into voluntary liquidation and convert its assets into money and pay the money to the persons entitled thereto.
Terms Used In West Virginia Code 31A-7-8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the commissioner of banking of West Virginia and any authorized deputy or employee thereof. See West Virginia Code 31A-7-2
- Financial institution: means any bank, building and loan association, industrial bank, regulated consumer lender, credit union and any other person, firm or corporation doing business under the jurisdiction and supervision of the commissioner of banking of West Virginia. See West Virginia Code 31A-7-2