CHAPTER 498

An Act to amend the Code of Virginia by adding a section numbered
58-943.2, empowering county finance boards to authorize time deposits
under certain circumstances.

[S 230]

Approved April 5, 1954
Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
58-943.2 as follows:

§ 58-943.2. Notwithstanding other provisions of this article, when-
ever the county finance board shall determine that county or district funds
in any given amount otherwise would lie idle and draw a lesser rate of
interest for a period of time not less than sixty days, it may authorize the
county treasurer to place such funds in such amount upon time deposit
in such legal depository at such rate of interest and upon such conditions
of withdrawal as the county finance board may determine.