West Virginia Code 12-6-9h – Securities handling
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In financial transactions whereby securities are purchased by the board under an agreement providing for the resale of such securities to the original seller at a stated price, the board shall take physical possession of the securities, directly, by its custodian bank or through a neutral third party: Provided, That an agreement with a neutral third party may not waive liability for the handling of the securities: Provided, however, That when the board is unable to take possession, directly, by its custodian bank or through a mutual third party, the board may leave securities in a segregated account with the original seller, provided the amount of the securities with any one seller may not exceed $150 million.
Terms Used In West Virginia Code 12-6-9h
- Board: means the governing body for the West Virginia Investment Management Board and any reference elsewhere in this code to Board of Investments or West Virginia Trust Fund means the board as defined in this subdivision. See West Virginia Code 12-6-2
- Securities: means all forms and types of investments, financial instruments or financial transactions which may be considered prudent for investment by the board under section eleven of this article. See West Virginia Code 12-6-2