6.1-83 - (Repealed effective October 1, 2010) Federal deposit insurance a credit towards certain required bonds. - Virginia Statutes

§ 6.1-83. (Repealed effective October 1, 2010) Federal deposit insurance acredit towards certain required bonds.

In every case in which a bank is required by the laws of this Commonwealth tofurnish or deposit a surety bond or securities as security for the payment ofany funds deposited in such banking institution, other than funds received orheld in the trust department of such banking institution awaiting investmentor distribution, the amount of the penalty of such bond or the amount of suchsecurities shall be as required by law, less the amount of such deposit asis, to the satisfaction of the body, officer or person charged with theresponsibility of seeing that a surety bond or securities are furnished assecurity for such deposit, insured under the provisions of section twelve-bof the Federal Reserve Act, as amended, or any amendments thereto.

(Code 1950, § 6-70; 1966, c. 584.)