West Virginia Code 31I-1-8 – Directors or managers
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The affairs of every private trust company or licensed private trust company shall be directed by a board of directors if a corporation, or managers if a limited liability company, consisting of not less than five nor more than 25 persons. At least one director or manager shall be a resident of this state.
Terms Used In West Virginia Code 31I-1-8
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Licensed private trust company: means a private trust company that operates in accordance with this article and has been issued a license that has not been revoked or suspended by the State Auditor. See West Virginia Code 31I-1-3
- Private trust company: means a corporation or limited liability company that:
(A) Is exclusively owned by one or more family members. See West Virginia Code 31I-1-3
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10