CODE OF VIRGINIA

BONDS APPORTIONED TO FUNDS UNDER CONTROL; ANNUAL REPORTS (§ 8.01-588.1)

The general receiver shall obtain bond through the Department of the
Treasury’s Division of Risk Management. No later than October 1 of each
year, he shall report to the Division the amount of moneys under his control
pursuant to § 8.01-582 as of June 30 of the current year and shall report the
amount he expects to come under his control for the year ending on June 30 of
the following year. He shall also report any other information reasonably
required by the Division concerning bond coverage of moneys under his control.
The cost of the bond shall be apportioned among the funds under his control as
of the billing date based on the amount of each owner’s or
beneficiary’s moneys. This section shall not apply to any financial
institution fulfilling the requirements set out in § 6.2-1003 or § 6.2-1085.

HISTORY: 1988, c. 841; 2000, cc. 618, 632.