Code of Virginia § 46.2-455. Assessment for expense of holding deposits.
133 words·~1 min read·
/va/title-46-2/chapter-3/46-2-455A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purpose of defraying the expense of the safekeeping and handling of the cash or securities deposited with him under the provisions of this title, in December of each year the State Treasurer shall levy against each person having cash or securities deposited with him an assessment of not more than one-tenth of one percent of the cash or of the par value of the securities deposited to his account, and shall collect the assessment in January of each year. These funds shall be deposited to the general fund of the state treasury.
If any assessment is not paid by January 31 of each year, the State Treasurer shall so notify the Commissioner in writing, attaching thereto a dated copy of the original assessment.
1986, c. 16, § 46.1-486.1; 1989, c. 727.