Code of Virginia § 2.2-1814. Amount and time limit of deposits.
120 words·~1 min read·
/va/title-2-2/chapter-18/2-2-1814·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The State Treasurer may arrange for and make state deposits in such amounts and for such time as in his judgment the condition of the state treasury permits; however, no state deposit shall be made for a period in excess of five years. The money deposited in a bank or savings institution in excess of the amount insured by the Federal Deposit Insurance Corporation or other federal insurance agency shall be fully collateralized by eligible collateral as defined in § 2.2-4401 .
Code 1950, § 2-178; 1966, c. 677, § 2.1-210; 1971, Ex. Sess., cc. 139, 245; 1974, c. 517; 1978, c. 52; 1979, c. 215; 1984, c. 374; 1990, c. 3; 1996, c. 77 ; 2001, c. 844 .