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Virginia Administrative Code
Title 1. Administration
Agency 75. Department of The Treasury
Chapter 20. Virginia Security for Public Deposits Act Regulations
11/5/2024

1VAC75-20-100. Withdrawal of collateral.

A qualified public depository shall not be permitted to withdraw collateral previously pledged without the prior written approval of the Treasury Board. The Treasury Board may grant such approval only if the qualified public depository certifies in writing that such withdrawal will not reduce the current market value of its pledged collateral below its required collateral as defined by this chapter, and this certification is substantiated by a statement reporting the qualified public depository's current public deposits, which indicates that after withdrawal such deposits will continue to be secured to the full extent required by the law and regulations. Current public deposits for this purpose are the amount of public deposits held at the time of withdrawal of collateral. The escrow agent shall not permit the qualified public depository to withdraw collateral without the prior written approval of the Treasury Board.

Statutory Authority

§ 2.2-4405 of the Code of Virginia.

Historical Notes

Derived from VR640-02 § 10, eff. November 18, 1993; amended, Virginia Register Volume 39, Issue 18, eff. July 1, 2023.

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