CHAPTER 367

An Act to amend and reenact § 2-299 of the Code of Virginia, relating
to authorized deposits of public funds. S44
[ ]

Approved March 31, 1964

Be it enacted by the General Assembly of Virginia:

1. That § 2-299 of the Code of Virginia be amended and reenacted, as
ollows:

§ 2-299. The deposit of public sinking funds and other funds in
interest bearing time deposits and certificates of deposit of national banks
located within this State and of banks organized pursuant to chap 2
(§ 6-5 et seq.) of Title 6 shall not be considered investment of such funds
for the purposes of this chapter. Deposit of such funds in demand and time
deposits and in certificates of deposits of national banks located within
this State and of banks organized pursuant to chapter 2 of Title 6 is hereby
authorized, provided that such deposits are secured as provided by law,
and further provided that no such deposit shall be made for any one period
in excess of * one year.