West Virginia Code § 12-6C-12

Securities handling
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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 thee 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, prrovided the amount of
the securities with any one seller may not exceed $150 million.

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