West Virginia § 32-4-406 - 32-4-406. Administration of chapter; operating fund for securities department.
Full text of West Virginia West Virginia Code § 32-4-406 — 32-4-406. Administration of chapter; operating fund for securities department., with citation guidance and answers to common questions.
§ 32-4-406. 32-4-406. Administration of chapter; operating fund for securities department.
(a) This chapter shall be administered by the Auditor of this state and he or she is hereby designated, and shall be, the commissioner of securities of this state. He or she has the power and authority to appoint or employ such assistants as are necessary for the administration of this chapter.
(b) The Auditor shall set up a special operating fund for the securities division in his or her office. The Auditor shall pay into the fund 25 percent of all fees collected as provided for in this chapter. If, at the end of any fiscal year, the balance in the special operating fund exceeds 25 percent of the gross revenues from the special operating fund operations, the excess shall be transferred to the General Revenue Fund.
The special operating fund shall be used by the Auditor to fund the operation of the securities division and the general operations of the Auditor’s office. The special operating fund shall be appropriated by line item by the Legislature.
(c) Moneys payable for assessments established by §32-4-407a of this code shall be collected by the commissioner and deposited into the General Revenue Fund.
(d) It is unlawful for the commissioner or any of his or her officers or employees to use for personal benefit any information which is filed with or obtained by the commissioner and which is not made public. No provision of this chapter authorizes the commissioner or any of his or her officers or employees to disclose any information except among themselves or when necessary or appropriate in a proceeding or investigation under this chapter. No provision of the chapter either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to the commissioner or any of his or her officers or employees.
Source: official West Virginia text · Last verified 2026-08-27
Frequently Asked Questions About West Virginia § 32-4-406
What does West Virginia Code § 32-4-406 cover?
Section 32-4-406 ("32-4-406. Administration of chapter; operating fund for securities department.") is part of the West Virginia Code, the codified statutory law of West Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite West Virginia § 32-4-406?
A common citation format is "West Virginia Code § 32-4-406" (West Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of West Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the West Virginia official source linked on this page or consult a licensed West Virginia attorney.
How does West Virginia § 32-4-406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in West Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in West Virginia.