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WV Code § 31C-9-2 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 9. Investments and Reserve Allocations|§31C-9-2. Authorized Investments

Funds not used in loans to members may be invested:(a) In securities, obligations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States of America or any agency or instrumentality thereof or in any trust or trusts established for investing directly or collectively in the same;(b) In securities, obligations, or other instruments of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the several territories organized by Congress or any political subdivision thereof;(c) In deposits, obligations or other accounts of banking institutions organized under state or federal law;(d) In loans to or in shares or deposits of other credit unions or corporate credit unions;(e) In deposits in, loans to, or shares of any federal reserve bank or of any central liquidity facility established under state or federal law;(f) In shares, stocks, deposits in, loans to or other obligations of any organization, corporation or association providing services associated with the general purposes of the credit union or engaging in activities incidental to the operations of a credit union. Such investments in the aggregate may not exceed two percent of the credit union's equity capital and shares without written permission of the commissioner;(g) In any investment legal for banking institutions or trust funds chartered in this state;(h) In participation loans with other credit unions, credit union organizations or other organizations;(i) In fixed assets, not to exceed five percent of the credit union's equity capital and shares, unless with the prior written approval of the commissioner.
WV Code § 31C-9-3 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 9. Investments and Reserve Allocations|§31C-9-3. Reserve Funds

(a) At the end of each accounting period the credit union shall determine its gross income and from this amount shall set aside and transfer funds to a regular reserve. The credit union shall transfer to the reserve amounts as required under a schedule set by the national credit union administration (NCUA) or its successor. If no such schedule is set, then the reserve shall be at a rate of ten percent of gross income until such time as the reserve fund reaches five percent of risk assets; then the formula is decreased to seven percent of gross income until such time as the reserve fund reaches six percent of risk assets; and then the formula is decreased to five percent of gross income until the reserve fund attains a maximum of seven percent of risk assets, with subsequent transfers required only to maintain the seven percent maximum. The reserves established under this section shall belong to the credit union and shall be held to meet contingencies or losses in its business.(b) Special reserves to protect the interest of members may be required by the commissioner by rule, or when found by the credit union's board of directors or by the commissioner, in any special case, to be necessary for that purpose. These may include allowances for loan losses and investment losses.
WV Code § 31C-10-1 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 10. Change in Corporate Status|§31C-10-1. Voluntary Liquidation

(a) A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this section.(b) If it decides to begin the procedure, the board of directors shall adopt a resolution recommending the credit union be dissolved voluntarily, and directing that the question of liquidation be submitted to the members.(c) Within ten days after the board of directors decides to submit the question of liquidation to the members, the president shall notify the commissioner and the insuring organization in writing, setting forth the reasons for the proposed liquidation. Within ten days after the members act on the question of liquidation, the president shall notify the commissioner and the insuring organization in writing as to the action of the members on the proposal.(d) As soon as the board of directors decides to submit the question of liquidation to the members, payments on, withdrawal of, and making any transfer of share and deposit accounts to loans and interest, making investments of any kind, and granting loans may be restricted or suspended pending action by members on the proposal to liquidate. On approval by the members of such proposal, all such business transactions shall be permanently discontinued. Necessary expenses of operation shall, however, continue to be paid on authorization of the board of directors or liquidating agent during the period of liquidation.(e) For a credit union to enter voluntary liquidation, approval by a majority of the members in writing or by a two-thirds majority of the members present at a regular or special meeting of the members is required. When authorization for liquidation is to be obtained at a meeting of the members, notice in writing shall be given to each member, by first class mail, at least ten days prior to such meeting.(f) A liquidating credit union shall continue in existence for the purpose of discharging its debts, collecting on loans and distributing its assets, and doing all acts required in order to wind up its business and may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully concluded.(g) The board of directors or the liquidating agent shall distribute the assets of the credit union or the proceeds of any disposition of the assets in the sequence described in subsection (f), section four, article one of this chapter.(h) As soon as the board of directors or the liquidating agent determines that all assets from which there is a reasonable expectancy of realization have been liquidated and distributed as set forth in this section, a certificate of dissolution shall be executed on a form prescribed by the commissioner and filed with the Secretary of State, which shall after filing and indexing same, be forwarded to the commissioner, whereupon such credit union shall be dissolved. The liquidating agent shall return all pertinent books and records of the liquidating credit union to the commissioner.
WV Code § 31C-11-1 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-1. Incorporation

A corporate credit union may be incorporated under this article. All parts of this chapter not inconsistent with this article shall apply to it.
WV Code § 31C-11-2 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-2. Purposes

The purposes of the corporate credit union are to:(a) Accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;(b) Act as an intermediary for credit union funds between members and other corporate credit unions;(c) Obtain liquid funds from other credit union organizations, financial intermediaries and other sources;(d) Foster and promote in cooperation with other state, regional and national corporate credit unions and credit union organizations or associations the economic security, growth and development of member credit unions;(e) Provide payment systems and correspondent services to its members; and(f) Perform such other services of benefit to its members which are authorized by the commissioner.
WV Code § 31C-11-3 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-3. Membership

(a) Membership in the corporate credit union shall consist of and be limited to the credit union subscribers to the articles of incorporation, credit unions incorporated under this chapter, the Federal Credit Union Act or any other credit union act, organizations or associations of credit unions, and such other organizations provided for in the articles of incorporation or bylaws.(b) A member of the corporate credit union shall designate one person to be its authorized representative to attend meetings of the corporate credit union and to vote on behalf of the member. A credit union member of the corporate credit union may only designate as its authorized representative a member of its own credit union.
WV Code § 31C-11-4 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-4. Organization

(a) Application to form a corporate credit union shall be made in writing to the commissioner. The application shall contain the names of at least ten percent of the credit unions in the proposed field of membership, but in no case less than fifty credit unions that have agreed to subscribe to shares in the corporate credit union at the time the application is made.(b) The application shall be accompanied by articles of incorporation and bylaws.(c) The bylaws shall provide for the selection of a board of directors of at least five persons, all of whom shall be authorized representatives of members. The bylaws shall require those applying for membership to subscribe to membership shares or other shares, or both, in a minimum amount as specified in the bylaws.
WV Code § 31C-11-6 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-6. Participation in Central System

The corporate credit union may enter into agreements and subscribe to any required shares for the purpose of participation in the national credit union administration central liquidity facility created by Public Law 95-630 or any other state or federal central liquidity facility or central financial system available to credit unions. It may also enter into agreements with any third parties to aid credit unions to obtain additional sources of liquidity.
WV Code § 31C-11-7 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-7. Security Interest

The corporate credit union may require and accept security for loans to a member in the form of a pledge, assignment, hypothecation or mortgage of any assets of the member or a guarantor.
WV Code § 31C-11-8 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-8. Meetings

The board of directors of the corporate credit union 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-11-9 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-9. Fees

Corporate credit unions shall pay the assessment and fees set for credit unions under this code to defray the costs to the commissioner and board for their supervision, examination and administration. The assessments and operating fees established by the commissioner or Legislature may make allowances for the special purposes and operations of the corporate credit union.
WV Code § 31C-11-10 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-10. Reserves

(a) The corporate credit union shall be exempt from the regular reserve requirements of subsection (a), section three, article nine of this chapter but at the end of each accounting period and prior to paying a dividend or interest refund (or, at the option of the credit union, on a monthly basis if dividends or interest refunds are paid more frequently than monthly) sums shall be set aside in a regular reserve in accordance with the following schedule:(1) When the credit union's regular reserve and undivided earnings are less than two percent of assets at the end of the transfer period, the credit union shall set aside an amount equal to .0015 times the credit union's average daily assets for the transfer period, times the number of days in the transfer period, divided by three hundred sixty-five.(2) When the regular reserve and undivided earnings are equal to or greater than two percent of assets, but the regular reserve is less than four percent of assets, the credit union shall set aside an amount equal to .0010 times the credit union's average daily assets for the transfer period, times the number of days in the transfer period, divided by three hundred sixty-five.(b) Charges may be made to the regular reserve for loan losses and for investment losses caused by factors other than trading losses or market fluctuations. Other charges to the regular reserve may only be made with the prior approval of the commissioner.(c) Additional reserves for corporate credit unions may be required by the commissioner when in his or her discretion, circumstances make such additional reserves necessary and prudent for the protection of shareholders and depositors.
WV Code § 31C-11-11 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-11. Annual Audit

(a) The supervisory committee of the corporate credit union shall cause an annual audit to be made by an independent certified public accountant and shall submit the annual audit report to the board of directors. A summary of the audit report shall be submitted to the membership at the next annual meeting.(b) A copy of the audit report shall be submitted to the commissioner within thirty days after receipt by the board of directors.
WV Code § 31C-11-12 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 11. Corporate Credit Union|§31C-11-12. Securities Exemption

The corporate credit union shall be exempt from the securities laws of this state.
WV Code § 31C-12-1 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 12. Penalties|§31C-12-1. Criminal Liability

Any credit union officer, director, employee or agent, who willfully does any of the following shall be deemed guilty of a felony and, may, upon conviction thereof, be fined not more than $10,000 or imprisoned not less than one year nor more than five years, or both:(a) With intent to deceive, falsifies any books of account, report, statement, record or other document of a credit union whether by alteration, false entry, omission or otherwise;(b) Signs, issues, publishes or transmits to a government agency any book of account, report, statement, record or other document which that person knows to be false;(c) By means of deceit, obtains a signature to a writing which is the subject of forgery;(d) With intent to deceive, destroys any credit union book of account, report, statement, record or other document.
WV Code § 31C-12-2 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 12. Penalties|§31C-12-2. Penalty for False Reports

Whoever maliciously and knowingly spreads false reports about the management or finances of any credit union shall be fined not less than $25, nor more than $200 or be imprisoned for not less than thirty days nor more than one year, or both.
WV Code § 31C-12-3 (2021)
2021 West Virginia Code|Chapter 31C. Credit Unions|Article 12. Penalties|§31C-12-3. Civil Penalties

Any person who violates this chapter, the rules issued pursuant thereto, or any orders lawfully entered by the commissioner or board of banking and financial institutions may be subject to civil penalties in an action brought by the commissioner or board in an amount not less than $50 nor more than $5,000 for each violation.
WV Code § 31D-1-101 (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-101. Short Title

CONSTRUCTION OF CHAPTER.§31D-1-101. Short title.This chapter is and may be cited as the "West Virginia Business Corporation Act".
WV Code § 31D-1-101a (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-101a. Legislative Acknowledgment

The Legislature acknowledges the work and contribution to the drafting of this chapter of the late Ann Maxey, professor of law at the West Virginia University college of law.
WV Code § 31D-1-102 (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-102. Reservation of Powers

The Legislature has power to amend or repeal all or part of this act at any time and all domestic and foreign corporations subject to this act are governed by the amendment or repeal.
WV Code § 31D-1-103 (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-103. Construction of Chapter

In the event of any inconsistency between any of the provisions of this chapter and the provisions made for particular classes of corporations by chapters thirty-one, thirty-one-a or thirty-three of this code, the provisions contained in said chapters prevail to the extent of the inconsistency.
WV Code § 31D-1-120 (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-120. Filing Requirements

(a) A document must satisfy the requirements of this section and any other provision of this code that adds to or varies these requirements to be entitled to filing by the Secretary of State.(b) The document to be filed must be typewritten or printed or, if electronically transmitted, it must be in a format that can be retrieved or reproduced in typewritten or printed form.(c) The document to be filed must be in the English language: Provided, That a corporate name is not required to be in the English language if it is written in English letters or Arabic or Roman numerals: Provided, however, That the certificate of existence required of foreign corporations is not required to be in the English language if it is accompanied by a reasonably authenticated English translation.(d) The document to be filed must be executed:(1) By the chairman of the board of directors of a domestic or foreign corporation, by its president or by another of its officers;(2) If directors have not been selected or the corporation has not been formed, by an incorporator; or(3) If the corporation is in the hands of a receiver, trustee or other court-appointed fiduciary, by that fiduciary.(e) The person executing the document to be filed shall sign it and state beneath or opposite his or her signature, his or her name and the capacity in which he or she signs. The document may contain a corporate seal, attestation, acknowledgment or verification.(f) The document to be filed must be delivered to the office of the Secretary of State for filing. Delivery may be made by electronic transmission as permitted by the Secretary of State. The Secretary of State may require one exact or conformed copy to be delivered with the document to be filed if the document is filed in typewritten or printed form and not transmitted electronically.(g) When a document is delivered to the office of the Secretary of State for filing, the correct filing fee and any franchise tax, license fee or penalty required by this chapter or any other provision of this code must be paid or provision for payment made in a manner permitted by the Secretary of State.(h) In the case of service of notice and process as permitted by subsection (c), section five hundred four, article five of this chapter and subsections (d) and (e), section one thousand five hundred ten, article fifteen of this chapter, the notice and process must be filed with the Secretary of State as one original, plus two copies for each person to be served or noticed.
WV Code § 31D-1-121 (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-121. Forms

(a) The Secretary of State may prescribe and, upon request, furnish forms for documents required or permitted to be filed by this chapter. Use of these forms is not mandatory.(b) The Secretary of State may adopt procedural rules in accordance with the provisions of this article governing the form for filing with, and delivery of documents to, the office of the Secretary of State under this chapter by electronic means, including facsimile and computer transmission.
WV Code § 31D-1-122 (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-122. Filing, Service and Copying Fees

The Secretary of State shall collect all fees required to be charged and collected in accordance with the provisions of section one, article twelve-c, chapter eleven of this code and section two, article one, chapter fifty-nine of this code.
WV Code § 31D-1-123 (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-123. Effective Time and Date of Document

(a) Except as provided in subsection (b) of this section and subsection (c), section one hundred twenty-four of this article, a document accepted for filing is effective:(1) At the date and time of filing, as evidenced by means as the Secretary of State may use for the purpose of recording the date and time of filing; or(2) At the time specified in the document as its effective time on the date it is filed.(b) A document may specify a delayed effective time and date and if it does so, the document becomes effective at the time and date specified. If a delayed effective date but no time is specified, the document is effective at the close of business on that date. A delayed effective date for a document may not be later than the ninetieth day after the date it is filed.
WV Code § 31D-1-124 (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-124. Correcting Filed Document

(a) A domestic or foreign corporation may correct a document filed by the Secretary of State if:(1) The document contains an inaccuracy;(2) The document was defectively executed, attested, sealed, verified or acknowledged; or(3) The electronic transmission was defective.(b) A document is corrected:(1) By preparing articles of correction that:(A) Describe the document, including its filing date, or attach a copy of the document to the articles;(B) Specify the inaccuracy or defect to be corrected; and (C) Correct the inaccuracy or defect; and(2) By delivering the articles to the Secretary of State for filing.(c) Articles of correction are effective on the effective date of the document they correct: Provided, That articles of correction are effective when filed as to persons who have relied on the uncorrected document and have been adversely affected by the correction.
WV Code § 31D-1-125 (2021)
2021 West Virginia Code|Chapter 31D. West Virginia Business Corporation Act|Article 1. General Provisions|§31D-1-125. Filing Duty of Secretary of State

(a) If a document delivered to the office of the Secretary of State for filing satisfies the requirements of section one hundred twenty of this article, the Secretary of State shall file it.(b) The Secretary of State files a document by recording it as filed on the date and time of receipt unless a delayed effective time is specified in the document. After filing a document, except as provided in section five hundred three, article five of this chapter and section one thousand five hundred nine, article fifteen of this chapter, the Secretary of State shall deliver to the domestic or foreign corporation or its representative a receipt for the record and the fees. Upon request and payment of a fee, the Secretary of State shall send to the requester a certified copy of the requested record.(c) If the Secretary of State refuses to file a document, he or she shall return it to the domestic or foreign corporation or its representative within five days after the document was delivered, together with a brief, written explanation of the reason for his or her refusal.(d) The Secretary of State's duty to file documents under this section is ministerial. His or her filing or refusing to file a document does not:(1) Affect the validity or invalidity of the document in whole or in part;(2) Relate to the correctness or incorrectness of information contained in the document; or(3) Create a presumption that the document is valid or invalid or that information contained in the document is correct or incorrect.