LIS

Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 1. Administration
Agency 75. Department of The Treasury
Chapter 20. Virginia Security for Public Deposits Act Regulations
10/14/2024

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.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.