WVC 12 - 6 - 9 H
§12-6-9h. Securities handling.
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,
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 one hundred
fifty million dollars.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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