2.2-4405 - Powers of Treasury Board relating to the administration of this chapter. - Virginia Statutes

§ 2.2-4405. Powers of Treasury Board relating to the administration of thischapter.

The Treasury Board shall have power to:

1. Make and enforce regulations and guidelines necessary and proper to thefull and complete performance of its functions under this chapter;

2. Prescribe and enforce regulations and guidelines fixing terms andconditions consistent with this chapter under which public deposits must besecured;

3. Require additional collateral, in excess of the required collateral of anyor all qualified public depositories as it may determine prudent under thecircumstances;

4. Determine what securities or instruments shall be acceptable as eligiblecollateral, and fix the percentage of face value or market value of suchsecurities or instruments that can be used to secure public deposits;

5. Establish guidelines to permit banks to withdraw from the procedures forthe payment of losses under § 2.2-4403 and instead be governed by theprocedures for the payment of losses under § 2.2-4404, consistent with theprimary purpose of protecting public deposits;

6. Require any qualified public depository to provide information concerningits public deposits as requested by the Treasury Board; and

7. Determine when a default or insolvency has occurred and to take suchaction as it may deem advisable for the protection, collection, compromise orsettlement of any claim arising in case of default or insolvency.

(1973, c. 172, § 2.1-364; 2001, c. 844; 2009, c. 64; 2010, cc. 640, 674.)