WVC 12 - 5 - 5
§12-5-5. Protection and handling of securities.
(a) The noncash securities retained in the treasury shall be
kept in a vault. The treasurer shall use due diligence in
protecting the securities against loss from any cause. The
treasurer shall designate certain employees to take special care of
the securities. Only the treasurer and the designated employees
may have access to the securities, and at least two of these
persons shall be present whenever the securities are handled in any
manner. The treasurer may contract with one or more banking
institutions in or outside the state for the custody, safekeeping
and management of securities. The contract shall prescribe the
rules for the handling and protection of the securities.
(b) The "Treasurer's Safekeeping Fund" is established in the
state treasury. The treasurer shall deposit moneys received
pursuant to this article in the Treasurer's Safekeeping Fund. The
treasurer is authorized to invest the money in accordance with this
code and the restrictions placed on the money, with earnings
accruing to the moneys in the fund. The treasurer shall prescribe
the forms and procedures for processing the moneys.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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