23-38.105 - Investments of operating funds. - Virginia Statutes

§ 23-38.105. Investments of operating funds.

A covered institution may invest its operating funds in any obligations orsecurities that are considered legal investments for public funds inaccordance with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. Suchinstitution's governing body shall adopt written investment guidelines whichprovide that such investments shall be made solely in the interest of thecovered institution and shall be undertaken with the care, skill, prudence,and diligence under the circumstances then prevailing that a prudent personacting in a like capacity and familiar with such matters would use in theconduct of an enterprise of a like character and with like aims.

(2005, cc. 933, 945.)