2.2-1818 - Responsibility of Commonwealth for securities deposited with Commonwealth Transportation Board. - Virginia Statutes

§ 2.2-1818. Responsibility of Commonwealth for securities deposited withCommonwealth Transportation Board.

The Commonwealth shall be responsible for the safekeeping of all bonds orother securities deposited with the Commonwealth Transportation Commissioneror the Commonwealth Transportation Board as surety on account of fundsdeposited in banks by division engineers of the Department of Transportation.If such bonds or securities or any of them are lost, destroyed ormisappropriated, the Commonwealth shall make good such loss to the bankmaking the deposit of its bonds or other securities.

Upon the closing of accounts of district engineers with banks, its bonds andother securities then on deposit shall be returned to the bank.

(Code 1950, § 2-192; 1966, c. 677, § 2.1-223; 2001, c. 844.)