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WV Code § 31C-2-5 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 2. Formation of Credit Union|§31C-2-5. Branches and Other Service Facilities

(a) A credit union may change its principal place of business within this state upon notice to, and approval in writing of, the commissioner.(b) A credit union may maintain other service facilities and branches, including automated teller machines (ATMs), at locations other than its principal office upon notice to and approval in writing of the commissioner. The maintenance of such facilities must be reasonably necessary to furnish service to its members. The creation of such facilities must be approved by a majority vote of the credit union's board of directors.(c) A credit union may, upon notice and approval in writing of the commissioner, join with one or more other credit unions or other financial organizations in the operation of automated teller machines (ATMs) or other service facilities. The joint operation of such facilities must be approved by a majority of the credit union's board of directors.(d) To the extent that a credit union provides its members access to their accounts through a remote service unit, such as an ATM or point-of-sale (POS) device, the credit union shall be governed by the same rules of the commissioner pertaining to banks operating through customer bank communication terminals (CBCTs).
WV Code § 31C-2-7 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 2. Formation of Credit Union|§31C-2-7. Conducting Business Outside This State

A credit union incorporated under this chapter may conduct business outside of this state in other states or territories where it is permitted to conduct business as a credit union. The activities and records of such credit union business conducted outside this state remain fully under the jurisdiction and supervision of the commissioner. Prior to the establishment of any branch or service facility outside this state, a credit union shall provide notice to, and obtain written approval of, the commissioner. The creation of such facilities must be approved by a majority vote of the credit union's board of directors.
WV Code § 31C-2-8 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 2. Formation of Credit Union|§31C-2-8. Tax Exemption

(a) Any credit union organized under this or any other credit union act and all shares and deposits therein shall be exempt from all taxation now or hereafter imposed by this state or any taxing authority within this state. No law which taxes corporations in any form, or the shares or deposits thereof, or the accumulation thereon, shall apply to any such credit union; except that any real property and any tangible personal property owned by any such credit union shall be subject to taxation to the same extent as other similar property is taxed: Provided, That this exception shall not permit the imposition of any sales or use taxes on the credit union.(b) The shares of any such credit union shall not be subject to stock, transfer taxes, either when issued or when transferred from one member to another.(c) The participation by a credit union in any government program providing unemployment, social security, old age pension or other benefits shall not be deemed a waiver of the taxation exemption hereby granted.
WV Code § 31C-2-9 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 2. Formation of Credit Union|§31C-2-9. Credit Unions Heretofore Organized Need Not Obtain New Charter; Actions Validated

All credit unions which have been heretofore legally organized under chapter thirty-six of the acts of the Legislature of one thousand nine hundred twenty-five, and which are in existence on the effective date of this section; and all credit unions which have been heretofore legally organized under article ten of chapter thirty-one of the Code of West Virginia, 1931, as amended, and which are in existence on the effective date of this section, shall upon the effective date of this section be considered to have been organized under the provisions of this article, and shall not be required to obtain a new charter or to reorganize hereunder. All acts and things done by any such credit unions, insofar as such acts and things shall not have constituted any violation of law as it shall heretofore have existed, shall be deemed valid and effective.
WV Code § 31C-3-1 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 3. Powers of Credit Union|§31C-3-1. General Powers

In addition to the powers mentioned elsewhere in this chapter, a credit union may:(a) Enter into contracts necessary for the conduct of its business as authorized under this statute;(b) Sue and be sued;(c) Adopt, use and display a corporate seal;(d) Acquire, lease, hold, assign, sell, discount or otherwise dispose of property or assets, either in whole or in part, necessary or incidental to its operation;(e) Borrow from any source: Provided, That a credit union must obtain approval of the commissioner in writing of its intention to borrow in excess of an aggregate of twenty percent of its equity capital and shares, and in no event shall its borrowing be in excess of an aggregate of fifty percent of its equity capital and shares;(f) Purchase the assets of another credit union;(g) Offer related financial services, including, but not limited to, electronic fund transfers, safe deposit boxes, leasing and correspondent arrangements with other financial institutions;(h) Hold membership in other credit unions organized under this or other acts, and in associations and organizations controlled by or fostering the interests of credit unions, including a central liquidity facility organized under state or federal law.(i) Engage in activities and programs as requested by any governmental unit;(j) Act as fiscal agent for and receive payments on share and deposit accounts from a governmental unit;(k) Make contributions to any nonprofit civic, charitable or service organizations;(l) Receive the savings of its members either as payment on shares, or as deposits (including the right to conduct Christmas clubs, vacation clubs and other thrift organizations within the membership);(m) Make loans for provident, productive, nonspeculative purposes to members, including a cooperative society or other organization having membership in the credit union.
WV Code § 31C-3-2 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 3. Powers of Credit Union|§31C-3-2. Incidental Powers

A credit union may exercise all incidental powers that are convenient, suitable or necessary to enable it to carry out its purposes.
WV Code § 31C-3-3 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 3. Powers of Credit Union|§31C-3-3. Advantageous Federal Powers

Unless exercise of a power is specifically denied, the commissioner may prescribe rules authorizing credit unions to exercise any of the powers conferred upon federal credit unions if the commissioner deems it appropriate for the purposes of credit unions in this state and a benefit to their members.
WV Code § 31C-4-1 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 4. Membership|§31C-4-1. Membership Defined

(a) The membership of a credit union shall consist of those persons who share a common bond set forth in the bylaws, have been duly admitted members, have paid any required one-time or periodic membership fee, or both, have subscribed to one or more shares and have complied with such other requirements as the articles of incorporation and bylaws specify.(b) Credit union membership shall be limited to, persons within one or more groups having a common bond or bonds of similar occupation, employer, association or interest, and members of the immediate family of such persons.
WV Code § 31C-4-2 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 4. Membership|§31C-4-2. Organizations

(a) Organizations comprised primarily of individuals who are eligible for membership in the credit union, and corporations whose total number of stockholders or whose majority stockholders are comprised primarily of such individuals, may be admitted to membership in the same manner and under the same conditions as individuals. Likewise, organizations one of whose principal functions is to provide services to persons who are eligible for membership in the credit union may be admitted to membership. Other organizations having a commonality of interest with the credit union may be admitted to membership with the approval of the commissioner.(b) Any corporate credit union organized under this chapter may accept as a member any other credit union organized under this or any other act.
WV Code § 31C-4-3 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 4. Membership|§31C-4-3. Membership Applications

The board of directors of the credit union shall act upon applications for membership or appoint one or more membership officers to approve applications for membership under such conditions as the board prescribes. A record of the actions taken by a membership officer shall be made available in writing to the board of directors for inspection. A person denied membership by a membership officer may appeal the denial to the credit union's board of directors.
WV Code § 31C-4-4 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 4. Membership|§31C-4-4. Members Who Cease to Be Eligible

Members who cease to be eligible for membership may be permitted to retain their membership in the credit union, under reasonable standards established by the credit union's board of directors.
WV Code § 31C-4-5 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 4. Membership|§31C-4-5. Liability and Expulsion of Members

(a) The members of the credit union shall not be personally or individually liable for the payment of its debts solely by virtue of holding membership.(b) Any member may be expelled by a two-thirds vote of its members present at any regular meeting or a special meeting called to consider the matter, but only after an opportunity has been given the member to be heard.(c) The credit union's board of directors may expel a member pursuant to a written policy adopted by it. All members shall be given written notice of the terms of any such policy upon becoming a member. Any person expelled by the credit union's board of directors shall have the right to request a hearing before it to reconsider the expulsion.
WV Code § 31C-4-6 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 4. Membership|§31C-4-6. Meetings of Members

(a) The annual meeting and any special meetings of the members of the credit union shall be held in accordance with the bylaws.(b) At all such meetings a member shall have but one vote, irrespective of the member's shareholdings. No member may vote by proxy, but a member may vote by absentee ballot, mail or other method if the bylaws of the credit union so provide.(c) The credit union's board of directors may establish a minimum age, not greater than eighteen years of age, as a qualification of eligibility to vote at meetings of the members or to hold office, or both.(d) An organization having membership in the credit union, may be represented and have its vote cast by one of its members or shareholders, provided such person has been so authorized by the organization's governing body.
WV Code § 31C-4-7 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 4. Membership|§31C-4-7. Calling of Special Meeting

(a) The supervisory committee by a majority vote may call a special meeting of the members to consider any violation of this chapter, the credit union's articles of incorporation or bylaws, or any practice of the credit union deemed by the supervisory committee to be unsafe or unauthorized; and may call a special meeting to consider the suspension or removal of any officer or director of the credit union as provided for in this chapter. (b) The bylaws may also prescribe the manner in which a special meeting of the members may be called by the members or by the credit union's board of directors or both.(c) The commissioner may also require the directors of a credit union to call a special meeting of the members pursuant to his or her authority under section nine, article two, chapter thirty-one-a of this code.
WV Code § 31C-5-1 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 5. Direction of Credit Union Affairs|§31C-5-1. Authority and Responsibility of Directors

The credit union's board of directors shall have the authority and responsibility for directing the business affairs, funds and records of the credit union. In addition to the duties found elsewhere in this article, it shall be the special duty of the credit union's board of directors to:(a) Purchase adequate fidelity coverage for the chief executive officer and for other active officers and employees handling or having custody of funds or property;(b) Authorize the employment and compensation of the chief executive officer who shall hire such other persons necessary to carry on the business of the credit union;(c) Approve an annual operating budget for the credit union;(d) Authorize the conveyance of property;(e) Borrow or lend money to carry on the functions of the credit union;(f) Appoint any special committees deemed necessary;(g) Perform such other duties as the members from time to time direct, and perform or authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members.The credit union's board of directors shall meet each month. The board may meet at other times as is necessary. Board meetings may be conducted by means of telephone as provided in the bylaws in a manner consistent with state law.
WV Code § 31C-5-2 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 5. Direction of Credit Union Affairs|§31C-5-2. Election of Directors and Selection of Supervisory and Credit Committee Members

(a) The credit union's board shall consist of an odd number of directors, at least five in number, to be elected by and from the members. Elections shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the credit union's board shall hold office for such terms as the bylaws provide, except that terms shall be staggered so that an approximately equal number expire each year.(b) A supervisory committee of not less than three persons shall either be elected by the membership at the annual meeting or appointed by the credit union's board of directors at the organization meeting held within thirty days following each annual election for such terms as the bylaws provide.(c) At the same organization meeting, the credit union's board of directors shall appoint a credit committee, unless the bylaws provide for the board of directors to act as the credit committee. The committee shall consist of an odd number, not less than three, whose terms shall be as the bylaws provide.
WV Code § 31C-5-3 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 5. Direction of Credit Union Affairs|§31C-5-3. Record of Officials; and Filling Vacancies

(a) Within twenty days after each organization meeting, a record of the names and addresses of the members of the board and such other committees and officials, as required by the commissioner, shall be filed with the commissioner.(b) The credit union's board of directors shall fill any vacancies occurring in the board until successors elected at the next annual election have qualified. The credit union's board shall also fill vacancies in the credit committee and, if appointed by them, the supervisory committee. If the supervisory committee is elected by the members, then any vacancies thereon shall be filled by selection by the remaining supervisory committee members.
WV Code § 31C-5-4 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 5. Direction of Credit Union Affairs|§31C-5-4. Compensation of Officials; and Conflicts of Interests

(a) No officer, director or committee member, other than an employee, may be compensated for services, except as provided in section one, article five of this chapter. However, providing reasonable life, health, accident and similar insurance protection shall not be considered compensation. Directors, officers and committee members may be reimbursed for necessary expenses incidental to the performance of official business of the credit union.(b) No director, committee member, officer, agent or employee of the credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting that person's pecuniary interest or the pecuniary interest of any corporation, partnership or association (other than the credit union) in which that person is directly or indirectly interested.
WV Code § 31C-5-5 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 5. Direction of Credit Union Affairs|§31C-5-5. Officers

(a) At their organization meeting held within thirty days following each annual election, the credit union's board of directors shall elect from their own number a chairman of the board, one or more vice chairmen, a treasurer and a secretary. The office of secretary and treasurer may, if the bylaws so provide, be held by one person. They shall also elect any other officials that are specified in the bylaws.(b) The terms of the officers shall be one year, or until their successors are chosen and have been duly qualified.(c) The duties of the officers shall be prescribed in the bylaws.(d) The credit union's board of directors shall appoint a president to act as the chief executive officer of the credit union and be in active charge of its operations.(e) Notwithstanding any other provision of this chapter, a credit union may use any titles it chooses for the officials holding the positions described in this chapter, as long as such titles are not misleading.
WV Code § 31C-5-6 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 5. Direction of Credit Union Affairs|§31C-5-6. Executive Committee

The credit union's board of directors may appoint from its own number an executive committee, consisting of not less than three directors, which may be authorized to act for the board in all respects. These actions are subject to subsequent review by the full credit union's board of directors and any other conditions or limitations prescribed by the board of directors.
WV Code § 31C-5-7 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 5. Direction of Credit Union Affairs|§31C-5-7. Credit Committee and Loan Officers

(a) The credit committee shall have the general supervision of all loans to members. It may approve or disapprove loans, subject to written policies established by the board of directors.(b) The credit committee shall meet as often as the business of the credit union requires to consider applications for loans and/or review the work of the loan officers. No loan shall be made by the credit committee unless it is approved by a disinterested majority of the committee who are present at the meeting at which the application is considered.(c) If the bylaws so provide, the board of directors may act as the credit committee.(d) The credit union's board of directors or credit committee may appoint one or more loan officers and delegate the power to approve or disapprove loans, subject to such limitations or conditions as the credit committee or credit union's board of directors prescribes.(e) A member whose application was disapproved by a loan officer may appeal such action to the credit committee or credit union's board of directors, as appropriate under the bylaws.
WV Code § 31C-5-8 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 5. Direction of Credit Union Affairs|§31C-5-8. Audits

(a) The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union. It shall submit a report of each annual audit to the credit union's board of directors and a summary of that report to the members at the next annual meeting of the credit union. Such reports shall be filed and preserved with the records of the corporation.(b) The supervisory committee of not less than three elected or appointed members shall make or cause to be made such supplementary audits, examinations and verifications of members' accounts as it deems necessary or as are required by the commissioner or by the credit union's board of directors, and submit reports of these supplementary audits to the credit union's board of directors.(c) The workpapers of any audit, including any materials associated with an audit of the credit union's electronic data procedures, shall be made available to the commissioner or to the examiners of the department of banking upon request, and will be accorded confidentiality in conformity with section four, article two, chapter thirty-one-a of this code.
WV Code § 31C-5-9 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 5. Direction of Credit Union Affairs|§31C-5-9. Fidelity Bonds, Required Oaths and Hazard Insurance

(a) As a condition precedent to qualification or entry upon the discharge of their duties, all active officers, as well as every person appointed or elected to any position requiring the receipt, payment or custody of money or other personal property owned by a credit union or in its custody or control as collateral or otherwise, shall give a bond in some responsible corporate surety company, licensed to do business in this state, in such sufficient amount as the credit union directors shall require and approve. The bonds shall provide for indemnity to the credit union on account of any losses sustained by it as the result of any dishonest, fraudulent or criminal act or omission by such persons acting independently or in collusion or combination with others. The bonds may be in individual, schedule or blanket form, and the premiums therefor shall be paid by the credit union.(b) No officer or employee who is required to give bond shall be deemed qualified nor shall be permitted to enter upon the discharge of their duties until their bond shall have been approved by a majority of the credit union's board of directors.(c) The credit union's board of directors shall also direct and require suitable insurance protection to the credit union against burglary, robbery, theft and other insurable hazards to which the credit union may be exposed in the operations of its business on the premises or elsewhere.(d) The credit union's board of directors shall be responsible for prescribing at least once each year the amount or penal sum of the bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting such risk or hazard. This action shall be recorded in the minutes of the board of directors. At any time the commissioner may require additional bond or security, when, in his or her opinion, the bonds then executed and approved are insufficient.(e) Upon their election or appointment each director, officer and member of a committee shall individually make an oath that they will, as far as the duty devolves upon them, diligently and honestly administer the affairs of the credit union, and will not knowingly violate, or willingly permit to be violated, any of the provisions of law applicable to the credit union, and that they are each the owner in good faith in their own right on the books of the credit union of at least one share therein. This oath shall be subscribed by the individual making it, and be certified by the officer before whom it was taken, and shall immediately be transmitted to the commissioner and filed and preserved in his or her office.