§ 6.1-83. Federal deposit insurance a credit towards certain required bonds
In every case in which a bank is required by the laws of this Commonwealth to furnish or deposit a surety bond or securities as security for the payment of any funds deposited in such banking institution, other than funds received or held in the trust department of such banking institution awaiting investment or distribution, the amount of the penalty of such bond or the amount of such securities shall be as required by law, less the amount of such deposit as is, to the satisfaction of the body, officer or person charged with the responsibility of seeing that a surety bond or securities are furnished as security for such deposit, insured under the provisions of section twelve-b of the Federal Reserve Act, as amended, or any amendments thereto.
(Code 1950, § 6-70; 1966, c. 584.)
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