{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2322.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2322.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2322.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2322.html"}],"law_id":62817,"edition_id":1,"section_id":62817,"structure_id":15302,"section_number":"2.2-2322","catch_line":"Deposit of money; expenditures; security for deposits","history":"1999, cc. 852, 881, \u00a7 2.1-548.65; 2001, c. 844.","full_text":"A\n\nAll money of the Authority, except as otherwise authorized by law or this article, shall be deposited in accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director or any other officer or employee designated by the Authority. All deposits of money shall, if required by the Authority, be secured in a manner determined by the Authority to be prudent, and all banks, trust companies and savings institutions are authorized to give security for the deposits.B\n\nFunds of the Authority not needed for immediate use or disbursement, including any funds held in reserve, may be invested in (i) obligations or securities that are considered lawful investments for fiduciaries, both individual and corporate, as set forth in § 2.2-4519, (ii) bankers’ acceptances, or (iii) repurchase agreements, reverse repurchase agreements, rate guarantee or investment agreements or other similar banking arrangements.","order_by":null,"text":{"0":{"id":228978,"text":"All money of the Authority, except as otherwise authorized by law or this article, shall be deposited in accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director or any other officer or employee designated by the Authority. All deposits of money shall, if required by the Authority, be secured in a manner determined by the Authority to be prudent, and all banks, trust companies and savings institutions are authorized to give security for the deposits.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":228979,"text":"Funds of the Authority not needed for immediate use or disbursement, including any funds held in reserve, may be invested in (i) obligations or securities that are considered lawful investments for fiduciaries, both individual and corporate, as set forth in § 2.2-4519, (ii) bankers’ acceptances, or (iii) repurchase agreements, reverse repurchase agreements, rate guarantee or investment agreements or other similar banking arrangements.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15302,"edition_id":1,"name":"Virginia Tourism Authority","identifier":"8","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:53:46","date_modified":"2026-06-26 03:53:46","permalink":{"id":174615,"object_type":"structure","relational_id":15302,"identifier":"8","token":"2.2\/I\/D\/22\/8","url":"\/2.2\/I\/D\/22\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60708,"structure_id":15302,"section_number":"2.2-2315","catch_line":"Short title; declaration of public purpose; Authority created","url":"\/2.2-2315\/","token":"2.2\/I\/D\/22\/8\/2.2-2315","metadata":false},{"id":74853,"structure_id":15302,"section_number":"2.2-2316","catch_line":"Executive Director; Board of Directors; members and officers","url":"\/2.2-2316\/","token":"2.2\/I\/D\/22\/8\/2.2-2316","metadata":false},{"id":84091,"structure_id":15302,"section_number":"2.2-2317","catch_line":"Appointment and duties of Executive Director","url":"\/2.2-2317\/","token":"2.2\/I\/D\/22\/8\/2.2-2317","metadata":false},{"id":76694,"structure_id":15302,"section_number":"2.2-2318","catch_line":"Powers of Authority","url":"\/2.2-2318\/","token":"2.2\/I\/D\/22\/8\/2.2-2318","metadata":false},{"id":66382,"structure_id":15302,"section_number":"2.2-2319","catch_line":"Cooperative Marketing Fund","url":"\/2.2-2319\/","token":"2.2\/I\/D\/22\/8\/2.2-2319","metadata":false},{"id":60814,"structure_id":15302,"section_number":"2.2-2320","catch_line":"Governor's Motion Picture Opportunity Fund","url":"\/2.2-2320\/","token":"2.2\/I\/D\/22\/8\/2.2-2320","metadata":false},{"id":82503,"structure_id":15302,"section_number":"2.2-2320.1","catch_line":"Governor's New Airline Service Incentive Fund","url":"\/2.2-2320.1\/","token":"2.2\/I\/D\/22\/8\/2.2-2320.1","metadata":false},{"id":58262,"structure_id":15302,"section_number":"2.2-2320.2","catch_line":"Tourism promotion grants","url":"\/2.2-2320.2\/","token":"2.2\/I\/D\/22\/8\/2.2-2320.2","metadata":false},{"id":62007,"structure_id":15302,"section_number":"2.2-2320.3","catch_line":"Virginia Sports Tourism Grant Program; report","url":"\/2.2-2320.3\/","token":"2.2\/I\/D\/22\/8\/2.2-2320.3","metadata":false},{"id":66944,"structure_id":15302,"section_number":"2.2-2321","catch_line":"Grants from Commonwealth","url":"\/2.2-2321\/","token":"2.2\/I\/D\/22\/8\/2.2-2321","metadata":false},{"id":62817,"structure_id":15302,"section_number":"2.2-2322","catch_line":"Deposit of money; expenditures; security for deposits","url":"\/2.2-2322\/","token":"2.2\/I\/D\/22\/8\/2.2-2322","metadata":false},{"id":85219,"structure_id":15302,"section_number":"2.2-2323","catch_line":"Forms of accounts and records; annual reports; audit","url":"\/2.2-2323\/","token":"2.2\/I\/D\/22\/8\/2.2-2323","metadata":false},{"id":81069,"structure_id":15302,"section_number":"2.2-2324","catch_line":"Exemption from taxation","url":"\/2.2-2324\/","token":"2.2\/I\/D\/22\/8\/2.2-2324","metadata":false},{"id":87305,"structure_id":15302,"section_number":"2.2-2325","catch_line":"Exemptions from personnel and procurement procedures; adoption of procurement policies","url":"\/2.2-2325\/","token":"2.2\/I\/D\/22\/8\/2.2-2325","metadata":false},{"id":65370,"structure_id":15302,"section_number":"2.2-2326","catch_line":"Sovereign immunity","url":"\/2.2-2326\/","token":"2.2\/I\/D\/22\/8\/2.2-2326","metadata":false},{"id":67465,"structure_id":15302,"section_number":"2.2-2327","catch_line":"Liberal construction of article","url":"\/2.2-2327\/","token":"2.2\/I\/D\/22\/8\/2.2-2327","metadata":false}],"previous_section":{"id":66944,"structure_id":15302,"section_number":"2.2-2321","catch_line":"Grants from Commonwealth","url":"\/2.2-2321\/","token":"2.2\/I\/D\/22\/8\/2.2-2321","metadata":false},"next_section":{"id":85219,"structure_id":15302,"section_number":"2.2-2323","catch_line":"Forms of accounts and records; annual reports; audit","url":"\/2.2-2323\/","token":"2.2\/I\/D\/22\/8\/2.2-2323","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2322\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapters 852<\/a> and 881<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2001, chapter 844<\/a>.<\/p>","references":false,"refers_to":[{"id":82053,"section_number":"2.2-4519","catch_line":"Investment of funds by the Virginia Housing Development Authority and the Virginia Resources Authority","order_by":null,"url":"\/2.2-4519\/"}],"permalink":{"id":174657,"object_type":"law","relational_id":62817,"identifier":"2.2-2322","token":"2.2\/I\/D\/22\/8\/2.2-2322","url":"\/2.2-2322\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2322\/","token":"2.2\/I\/D\/22\/8\/2.2-2322","dublin_core":{"Title":"Deposit of money; expenditures; security for deposits","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2322","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> All money of the Authority<\/span>, except as otherwise authorized by law<\/span> or this article, shall be deposited in accounts in banks or trust companies organized under the laws<\/span> of the Commonwealth<\/span> or in national banking associations located in Virginia or in savings institutions located in Virginia organized under the laws<\/span> of the Commonwealth<\/span> or the United States<\/span>. The money in these accounts shall be paid by check signed by the Executive Director or any other officer or employee designated by the Authority<\/span>. All deposits of money shall, if required by the Authority<\/span>, be secured in a manner determined by the Authority<\/span> to be prudent, and all banks, trust companies and savings institutions are authorized to give security for the deposits. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Funds of the Authority<\/span> not needed for immediate use or disbursement, including any funds held in reserve, may be invested in (i) obligations or securities that are considered lawful investments for fiduciaries, both individual and corporate, as set forth in § 2.2-4519<\/a>, (ii) bankers’ acceptances, or (iii) repurchase agreements, reverse<\/span> repurchase agreements, rate guarantee or investment agreements or other similar banking arrangements. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEPOSIT OF MONEY; EXPENDITURES; SECURITY FOR DEPOSITS (\u00a7 2.2-2322)\n\nA. All money of the Authority, except as otherwise authorized by law or this\narticle, shall be deposited in accounts in banks or trust companies organized\nunder the laws of the Commonwealth or in national banking associations located\nin Virginia or in savings institutions located in Virginia organized under the\nlaws of the Commonwealth or the United States. The money in these accounts shall\nbe paid by check signed by the Executive Director or any other officer or\nemployee designated by the Authority. All deposits of money shall, if required\nby the Authority, be secured in a manner determined by the Authority to be\nprudent, and all banks, trust companies and savings institutions are authorized\nto give security for the deposits.\n\nB. Funds of the Authority not needed for immediate use or disbursement,\nincluding any funds held in reserve, may be invested in (i) obligations or\nsecurities that are considered lawful investments for fiduciaries, both\nindividual and corporate, as set forth in § 2.2-4519, (ii) bankers’\nacceptances, or (iii) repurchase agreements, reverse repurchase agreements, rate\nguarantee or investment agreements or other similar banking arrangements.\n\nHISTORY: 1999, cc. 852, 881, \u00a7 2.1-548.65; 2001, c. 844.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}