Virginia § 23.1-1013 - Covered institutions; operational authority; financial operations; investment of operating funds
Full text of Virginia Code of Virginia § 23.1-1013 — Covered institutions; operational authority; financial operations; investment of operating funds, with citation guidance and answers to common questions.
§ 23.1-1013. Covered institutions; operational authority; financial operations; investment of operating funds
Each covered institution may invest its operating funds in any obligations or securities that are considered legal investments for public funds in accordance with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. Such institution's governing board shall adopt written investment guidelines that provide that such investments shall be made solely in the interest of the covered institution and shall be undertaken with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 23.1-1013
What does Code of Virginia § 23.1-1013 cover?
Section 23.1-1013 ("Covered institutions; operational authority; financial operations; investment of operating funds") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 23.1-1013?
A common citation format is "Code of Virginia § 23.1-1013" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 23.1-1013 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.