Chap. 13.—An ACT to amend and re-enact section 2625 of the Code of Virginia,
relating to commissioners of the sinking fund. [S B 16]

Approved February 11, 1932

1. Be it enacted by the general assembly of Virginia, That section
twenty-six hundred and twenty-five of the Code of Virginia, be
amended and re-enacted so as to read as follows:

Section 2625. The commissioners of the sinking fund shall meet
on call of the chairman, and at any such meeting said commissioners
may determine how much of the fund at their disposal shall be ex-
pended for the immediate purchase of bonds and how the purchase
shall be made, whether privately or by advertisement for bids. If,
however, they determine to advertise, the advertisement shall be in-
serted in at least one daily newspaper published in the cities of Rich-
mond, New York and Baltimore, that they will receive offers for the
sale of such amount of the bonds as in their judgment, the sum placed
to their credit will enable them to purchase, and that such offers may
be made up to and including a day named. All such offers shall be
made in writing, shall be sealed, and shall be opened by said com-
missioners or a majority of them, at a meeting previously agreed upon,
at noon, in the presence of the governor of the Commonwealth, or in
the event of his absence, in the presence of a quorum of the commis-
sioners of the sinking fund; but the said commissioners shall have
authority to reject any and all bids made. All bonds purchased under
this and section twenty-six hundred and twenty-three shall be listed on
the minutes of the board; which list shall show the number and de-
nomination of each bond purchased, and such bonds shall be immedi-
ately cancelled by said commissioners, and shall not be used again for
any purpose, except that the interest thereon shall be paid regularly to
the said sinking fund. No coupon bond shall be purchased unless all
unmatured interest coupons shall be attached thereto.