CHAPTER 205

An Act to amend the Code of Virginia by adding thereto a section num-
bered 238-20.1, relating to bonds issued by educational institutions,
which have been mutilated, lost or destroyed.

[H 261]

Approved March 9, 1962

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding thereto a section
numbered 23-20.1 as follows:

§ 23-20.1. Should any bond issued by an institution become muti-
lated or be lost or destroyed, the board may cause a new bond of like date,
number and tenor to be executed and delivered in exchange and substitution
for, and upon cancellation of, such mutilated bond and its interest coupons,
or in lieu of and in substitution for such lost or destroyed bond and its un-
matured interest coupons. Such new bond or coupon shall not be executed
or delivered until the holder of the mutilated, lost or destroyed bond (1)
has paid the reasonable expense and charges in connection therewith and
(2) in the case of a lost or destroyed bond, has filed with the board and
the State Treasurer satisfactory evidence that such bond was lost or de-
stroyed and that the holder was the owner thereof and (3) has furnished
indemnity satisfactory to the State Treasurer.