15.2-1532 - Payment of premiums on bonds for more than one year in advance. - Virginia Statutes

§ 15.2-1532. Payment of premiums on bonds for more than one year in advance.

Governing bodies are authorized to pay out of their respective treasuries,the premiums on the surety bonds of all local officials who are required tobe bonded, for a period of more than one year when a discount for advancedpayment of such premiums may be obtained under the rates, rules andregulations promulgated by the State Corporation Commission according to law.

If any such surety bond be cancelled prior to its expiration, the portion ofthe premiums to be returned shall be calculated on the basis of the regularannual rate of premiums for the duration of the bond as such refunds areprescribed by the rates, rules and regulations promulgated by the StateCorporation Commission according to law.

(Code 1950, § 15-483; 1962, c. 623, § 15.1-46; 1997, c. 587.)