Virginia Code 53.1-44: Investment of funds belonging to prisoners; use of income.
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Portions of the funds held by the Director or by any state correctional facility, which belong to prisoners may, in the discretion of the Director, be invested in bonds of the Commonwealth of Virginia or of the United States or in federally-insured investments. In determining how to invest the funds, the Director shall balance any long-term investments with those which permit ready accessibility to the funds. Any income or increment of increase received from the bonds or investments may be used by the Director for the benefit of the prisoners under his care.
Terms Used In Virginia Code 53.1-44
- Director: means the Director of the Department of Corrections. See Virginia Code 53.1-1
- State correctional facility: means any correctional center or correctional field unit used for the incarceration of adult offenders established and operated by the Department of Corrections, or operated under contract pursuant to § Virginia Code 53.1-1
- United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
Code 1950, § 53-223; 1970, c. 648; 1982, c. 636.