Section 10. General

The definitions provided by § 2.1-360 of the Code of Virginia shall be used throughout this chapter unless the context requires otherwise.

The Treasury Board has designated the State Treasurer to be the chief administrative officer with respect to the provisions of the Virginia Security for Public Deposits Act (the "Act") (§ 2.1-359 et seq. of the Code of Virginia) and the State Treasurer reserves the right to designate a representative to act on his behalf.

The primary responsibility for compliance with the Act rests upon the financial institutions that accept and hold public deposits. If the deposit is a "public deposit," the deposit must be secured pursuant to the Act. If a depositor is unable to ascertain whether a particular deposit is a "public deposit" for purposes of the Act, he should obtain the essential details and communicate with the State Treasurer's office by the use of a notice of election form.

Historical Notes

Derived from VR640-02 § 1, eff. November 18, 1993.

Statutory Authority

§ 2.1-364 of the Code of Virginia.