6.2-892 - (Effective October 1, 2010) Federal deposit insurance a credit towards certain required bonds. - Virginia Statutes

§ 6.2-892. (Effective October 1, 2010) Federal deposit insurance a credittowards certain required bonds.

If a bank is required by the laws of the Commonwealth to furnish or deposit asurety bond or securities as security for the payment of any funds depositedin the bank, other than funds received or held in the trust department of thebank awaiting investment or distribution, the amount of the penalty of suchbond or the amount of such securities shall be as required by law, less theamount of such deposit that, to the satisfaction of the body, officer, orother person responsible for seeing that a surety bond or amount ofsecurities is furnished as security for such deposit, is insured under theprovisions of § 12-b of the Federal Reserve Act, as amended, or anyamendments thereto.

(Code 1950, § 6-70; 1966, c. 584, § 6.1-83; 2010, c. 794.)