22.1-145 - Investment of Fund. - Virginia Statutes

§ 22.1-145. Investment of Fund.

The Board of Education shall invest the Literary Fund in securities that arelegal investments under the laws of the Commonwealth for public funds. TheBoard may call in any such investment and reinvest the same whenever it deemsproper for the preservation, security or improvement of the Literary Fund.Whenever the Board shall invest in bonds of this Commonwealth, no premiumshall be required or paid on such investment. All securities for moneybelonging to the Literary Fund shall be deposited with the State Treasurerfor safekeeping, who shall return with his annual report a list thereof witha statement of their value.

(Code 1950, § 22-102; 1956, c. 184; 1971, Ex. Sess., c. 128; 1980, c. 559;1985, c. 139.)