2006 Code of Virginia § 2.2-1814 - Amount and time limit of deposits

2.2-1814. Amount and time limit of deposits.

The State Treasurer may arrange for and make state deposits in such amountsand for such time as in his judgment the condition of the state treasurypermits; however, no state deposit shall be made for a period in excess offive years. The money deposited in a bank or savings institution in excess ofthe amount insured by the Federal Deposit Insurance Corporation or otherfederal insurance agency shall be fully collateralized by eligible collateralas 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.)