15.2-6318 - Investment in bonds issued by authorities. - Virginia Statutes

§ 15.2-6318. Investment in bonds issued by authorities.

The Commonwealth and all public officers, municipal corporations, politicalsubdivisions, and public bodies, all banks, bankers, trust companies, savingsbanks and institutions, building and loan associations, savings and loanassociations, investment companies and other persons carrying on a bankingbusiness, all insurance companies, except domestic life insurance companies,and all fiduciaries may legally invest any sinking funds, moneys or otherfunds belonging to them or within their control in any bonds or otherobligations issued by any such authority, and such bonds and otherobligations shall be authorized security for all public deposits and shall befully negotiable in this Commonwealth; it being the purpose of this chapterto authorize any persons, firms, corporations, associations, politicalsubdivisions, bodies and officers, public or private, to use any funds ownedor controlled by them, including (but not limited to) sinking, insurance,investment, retirement, compensation, pension funds, and funds held ondeposit, for the purchase of any such bonds or other obligations and that anysuch bonds or other obligations shall be authorized security for all publicdeposits and shall be fully negotiable in this Commonwealth.

(Code 1950, § 15-956; 1954, c. 645; 1962, c. 623, § 15.1-1339; 1997, c. 587.)