In financial transactions whereby securities are purchased by the Board under an agreement providing for the resale of the 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 6C. West Virginia Board of Treasury Investments
§12-6C-1. Purposes and Objects; How Article Cited
§12-6C-2. Legislative Findings
§12-6C-6. Consolidated Fund Continued; Management
§12-6C-8. Administration of Consolidated Fund
§12-6C-9. Asset Allocation; Investment Policies, Authorized Investments; Restrictions
§12-6C-10. Investment Authority for Consolidated Fund Transferred to Board; Exceptions
§12-6C-11a. Broadband Loan Insurance Program; Requirements
§12-6C-11b. Infrastructure Investment Reimbursement Fund
§12-6C-12. Securities Handling
§12-6C-14. Existing Investments
§12-6C-15. Annual Audits; Financial Statements; Information
§12-6C-16. Reports to Participants
§12-6C-17. Legal Status of Spending Units Continued
§12-6C-18. Authorization for Loans by the Board
§12-6C-19. Creation of Fee Account and Investment Account; Budget