§ 2.2-1818 — Responsibility of Commonwealth for securities deposited with Commonwealth Transportation Board

Virginia § 2.2-1818

• Jurisdiction: Virginia
• Title 2.2: ADMINISTRATION OF GOVERNMENT
• Subtitle I: ORGANIZATION OF STATE GOVERNMENT
• Ch. 18: DEPARTMENT OF THE TREASURY
• Art. 2: STATE DEPOSITORIES
• Part C: STATE AGENCIES RELATED TO THE GENERAL OPERATION OF GOVERNMENT

Text

The Commonwealth shall be responsible for the safekeeping of all bonds or other securities deposited with the Commissioner of Highways or the Commonwealth Transportation Board as surety on account of funds deposited in banks by division engineers of the Department of Transportation. If such bonds or securities or any of them are lost, destroyed or misappropriated, the Commonwealth shall make good such loss to the bank making the deposit of its bonds or other securities.

Upon the closing of accounts of district engineers with banks, its bonds and other securities then on deposit shall be returned to the bank.

Legislative History

Code 1950, § 2-192; 1966, c. 677, § 2.1-223; 2001, c. 844.