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, That an 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 $150 million.
Structure West Virginia Code
Chapter 12. Public Moneys and Securities
Article 6. West Virginia Investment Management Board
§12-6-1. Purposes and Objects; How Article Cited
§12-6-1a. Legislative Findings
§12-6-5a. Legislative Findings and Limitation on Certain Board Actions
§12-6-7. Legal Status of Agencies and Boards Continued
§12-6-8. Investment Funds Established; Management Thereof
§12-6-9c. Authorization of Additional Investments
§12-6-11. Standard of Care and Investment Requirements; Disclosure of Information
§12-6-13. Board as Agency for Investments; Exceptions
§12-6-14. Reports of Board; Legislative Audits, Reviews and Studies
§12-6-16. Existing Investments
§12-6-17. Severability of Provisions
§12-6-18. Liberal Construction
§12-6-19. Authorization for Loans by the Board
§12-6-20. Continuation of Board
§12-6-21. Investment With Regional Jail and Correctional Facility Authority