CHAPTER 245

AN ACT to amend the Code of 1950 by adding a section numbered
58-943.1, providing for deposit of certain local funds in banking
institutions without the State under certain circumstances.

[S 150 ]

Approved April 3, 1950

se it enacted by the General Assembly of Virginia:

1. That the Code of 1950 be amended by adding a section num-
hered 58-943.1, as follows:

§ 58-943.1. Notwithstanding other provisions of this Article
the treasurer of any county or town may if the State Commission
on Local Debt first approve, deposit local funds in banking
institutions without the State. Such institutions which shall be
designated by the Commission, shall give such security as the Com-
mission deems proper and shall meet such other conditions as the
Commission prescribes. All such deposits shall be limited to the
sums reasonably necessary to pay principal or interest on obliga-
tions of the county or town which are payable at some place outside
the State and where any such banking institution is located.