Section 70. Authorized investments

Latest version.

Investment of moneys of the Clients' Protection Fund shall be restricted to the following:

1. Interest-bearing deposits (including certificates of deposit) in federally insured banks and savings institutions located in the Commonwealth, and

2. Direct obligations of the Commonwealth of Virginia and the United States Government; provided that no such deposit, certificate or obligation shall have a maturity beyond 10 years from the date of the investment; and provided further that the interest, discount or other gain or income realized from any such investment, net of any bank or brokerage charges incurred in connection therewith, shall automatically become a part of the fund.

Historical Notes

Derived from VR167-01-201 § 7, eff. February 22, 1992; amended, eff. June 17, 1993.

Statutory Authority

§ 54.1-3910 of the Code of Virginia and Part 6, §IV, Paragraph 16 of the Rules of the Virginia Supreme Court.

                    
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