§ 6.1-79. Same; exception as to governmental deposits; insolvent national bank funds, proceeds of sale of fed...
Notwithstanding the provisions of § 6.1-78, any bank may deposit securities for the purpose of securing deposits of the United States government, and its agencies; the Commonwealth of Virginia, its agencies, and its political subdivisions; insolvent national bank funds as permitted under 12 U.S.C. § 192; proceeds of sale of United States obligations as permitted under 31 U.S.C. § 771; and bankruptcy funds deposited under the provisions of 11 U.S.C. § 15345. Notwithstanding the provisions of § 6.1-78 any bank may deposit securities for the purpose of securing sureties on surety bonds furnished to secure such deposits, or may, in lieu of depositing such securities to secure deposits of political subdivisions of the Commonwealth, by its board of directors, adopt a resolution before such public funds are deposited therein, to the effect that, in the event of the insolvency or failure of such bank, such public funds thereafter deposited therein shall, in the distribution of the assets of such bank, be paid in full before any other depositors shall be paid deposits thereafter made therein. The adoption of such resolution shall be deemed to constitute an obligation binding on such bank.
(Code 1950, § 6-65; 1966, c. 584; 1982, c. 112; 1994, c. 7.)
Sections: Previous 6.1-72 6.1-73.1 6.1-74 6.1-75 6.1-76 6.1-77 6.1-78 6.1-79 6.1-80 6.1-81 6.1-82 6.1-83 6.1-84 6.1-85 6.1-86 NextLast modified: April 16, 2009