Virginia Code 38.2-1221: Deposit instead of bond.
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Instead of filing the bond required by § 38.2-1220, the attorney may maintain on deposit with the State Treasurer an equal amount in cash or in value of securities of the kind specified in § 38.2-1045, subject to the same conditions as the bond.
Terms Used In Virginia Code 38.2-1221
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Virginia Code 38.2-1201
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
1952, c. 317, § 38.1-711; 1986, c. 562.