                                 CODE OF VIRGINIA

HOW SECURITIES TAKEN AND KEPT; POWER OF RECEIVERS OVER SAME (§ 8.01-583)

The securities in which under the orders of the court such investments may be
made shall be taken in the name of the general receiver and be kept by him,
unless otherwise specially ordered. He shall have power to sell, transfer or
collect the same, only upon order of the court; and in case of his death,
resignation or removal his successor, or any person specially appointed by the
court for that purpose, shall have like power.
		Notwithstanding the foregoing paragraph, when a general receiver places funds
in a security or investment which is insured by the Federal Deposit Insurance
Corporation or other federal insurance agency, the general receiver shall to the
extent practicable invest these funds so that insurance coverage is provided by
the Federal Deposit Insurance Corporation or other federal insurance agency.

HISTORY: Code 1950, § 8-726; 1977, c. 617; 1988, c. 553; 1990, c. 3.