WVC 31 A- 4 - 28
§31A-4-28. Investments in obligations secured by mortgages or
deeds of trust insured or guaranteed by United
States; securities of federal agencies; use of such
obligations and securities as collateral, etc.
It shall be lawful for banking institutions to invest their
funds and the moneys in their custody or possession eligible for
investment, in notes, bonds or other obligations secured by
mortgages or deeds of trust insured or guaranteed by the federal
housing commissioner or United States administrator of veterans'
affairs or by any other officer, department, agency or
instrumentality of the United States and in notes, bonds,
debentures and other obligations and securities issued by,
insured by, or guaranteed by the federal housing commissioner,
federal national mortgage association or government national
mortgage association or in other federal agencies securities.
Wherever, by statute of this state, collateral is required
as security for the deposit of public or other funds; or deposits
are required to be made with any public official or department;
or an investment of capital or surplus, or a reserve or other
fund, is required to be maintained consisting of designated
securities, such notes and bonds, debentures, obligations and
federal agencies securities shall be eligible for such purposes.