                                 CODE OF VIRGINIA

COVERED INSTITUTIONS; OPERATIONAL AUTHORITY; FINANCIAL OPERATIONS; INVESTMENT OF
OPERATING FUNDS (§ 23.1-1013)

Each covered institution may invest its operating funds in any obligations or
securities that are considered legal investments for public funds in accordance
with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. Such institution&#8217;s
governing board shall adopt written investment guidelines that provide that such
investments shall be made solely in the interest of the covered institution and
shall be undertaken with the care, skill, prudence, and diligence under the
circumstances then prevailing that a prudent person acting in a like capacity
and familiar with such matters would use in the conduct of an enterprise of a
like character and with like aims.

HISTORY: 2005, cc. 933, 945, § 23-38.105; 2016, c. 588.