§ 16-35. Custodian of funds deducted from salaries and wages for purchase of bonds.

(a)

The director of finance is hereby designated as the custodian of the funds allotted pursuant to the payroll deduction plan by the employees of the city from their salaries and wages for the purchase of savings bonds of the United States. All funds so allotted and deducted shall be deposited by him in a city depository in the city in an account to be known as the "City of Norfolk Employees' Savings Bond Trust Fund," and shall be subject to disbursement on checks signed by him as custodian of such funds.

(b)

Such custodian shall keep a deposit account for each such employee showing the amount of each deduction, the date made and the purchase of bonds in such employee's name.

(c)

Such custodian shall purchase, from time to time for each such employee, such savings bonds as the accumulated deductions to the credit of such employee warrant.

(d)

In the event any employee participating in such plan cancels such participation, such custodian shall return to him any balance then remaining in the savings bond deposit account of such employee. (Code 1958, § 19-6.4)