West Virginia Code 12-1C-1 – Definitions
(a) For the purposes of this article, the following terms shall have the following meanings:
Terms Used In West Virginia Code 12-1C-1
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- spending unit: means a department, agency, board, commission or institution of state government for which an appropriation is requested, or to which an appropriation is made by the Legislature. See West Virginia Code 12-1-2
- 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
(1) “Banking contract” means a contract entered into by the Treasurer and a financial institution pursuant to this chapter, to provide banking goods or services to a spending unit.
(2) “Boycott of energy companies” means without a reasonable business purpose, refusal to deal with a company, termination of business activities with a company, or another action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company:
(A) Engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy;
(B) Engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law; or
(C) Does business with a company that engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy.
(3) “Company” means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including all wholly owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of those entities or business associations, that exist for the purpose of making profit.
(4) “Financial institution” means a bank, national banking association, non-bank financial institution, a bank and trust company, a trust company, a savings and loan association, a building and loan association, a mutual savings bank, a credit union, or a savings bank.
(5) “Reasonable business purpose” includes any purpose directly related to:
(A) Promoting the financial success or stability of a financial institution;
(B) Mitigating risk to a financial institution;
(C) Complying with legal or regulatory requirements; or
(D) Limiting liability of a financial institution.
(6) “Restricted financial institution” means a financial institution included in the most recently updated restricted financial institution list.
(7) “Restricted financial institution list” means the list of financial institutions prepared, maintained, and published pursuant to this article.
(8) “Treasurer” refers to the West Virginia State Treasurer.