CHAPTER 18

An Act to amend and reenact § 11 as amended, of Chapter 808 of the Acts
of Assembly of 1944, approved March 29, 1944, which provided for a
retirement and pension system for personnel of police departments
in certain counties, the amended section relating to investment of

funds.
{H 95]
Approved February 10, 1958

Be it enacted by the General Assembly of Virginia:

1. That § 11 as amended, of Chapter 803 of the Acts of Assembly of
1944, approved March 29, 1944, be amended and reenacted as follows:

§ 11. Any and all cash assets and funds on hand at any time not
necessary for immediate payment of pensions or benefits hereunder shall
be invested in securities that are legal investments under the laws of the
Commonwealth for public sinking funds, or invested in bonds and negoti-
able notes directly secured by first lien on improved real estate or farm
property in Virginia, the amount of all outstanding bonds or notes so
secured not to exceed sixty per centum of the fair market value of the real
estate and any improvements thereon at the time of making the invest-
ments, as ascertained by an appraisal thereof made by two competent,
reputable and disinterested persons.

Any and all funds raised by any policemen’s pension and retirement
board created under this act for the payment of pensions and benefits
shall be paid over to the treasurer of the board and deposited by him to
its credit and paid out by him as hereinbefore provided.