Chap. 145.—An ACT to amend and re-enact section 753 of the Code of Vir-
ginia, as amended and re-enacted by an act approved March 15, 1904, en-
titled “an act to amend and re-enact section 753 of the Code of Virginia in
relation to State depositories.”

Approved March 10, 1906.

1. Be it enacted by the general assembly of Virginia, That section
seven hundred and fifty-three of the Code of Virginia, as amended and
re-enaeted by an act entitled “an act to amend and re-enact section seven
hundred and fifty-three of the Code of Virginia, relating to State deposi-
tories,” approved February third, nineteen hundred, as amended and
re-enacted by an act entitled “an act to amend section seven hundred and
fifty-three of the Code of Virginia, as amended in relation to State de-
positories,” approved March fifteenth, nineteen hundred and two, and
as amended and re-enacted by an act entitled “an act to amend section
seven hundred and fifty-three of the Code of Virginia, as amended in
relation to State depositories,” approved April second, nineteen hundred
and two, as amended by an act of like title, approved December third,
nineteen hundred and three, be amended and re-enacted so as to read
as follows:

$753. State depositories; their bonds, when moneys to be transferred ;
when governor may designate temporary depositories; when new bonds:
State’s remedy on bonds.—Moneys to be hereafter paid into the public
treasury of the State shall be deposited in the following banks, hereby
designated as State depositories—to-wit: Planters national bank of Rich-
mond, Virginia; the first national bank of Richmond; the national bank
of Virginia; the merchants national bank; the American national bank
of Richmond, Virginia; the State bank of Virginia; and the Broad
street bank of Richmond, Virginia; Radford trust company of Radford,
Virginia: the national exchange bank of Roanoke, Virginia: the bank of
Hampton of Hampton, Virginia; the metropolitan bank of Virginia, at
Richmond, Virginia; the bank of commerce and trusts, at Richmond,
Virginia, and the Atlantic trust and deposit company of Norfolk, Vir-
ginia.
~ But no such money shall be deposited in either of the said banks until
it shall have secured some person other than the bank itself in its behalf
to enter into a bond, approved and accepted by the governor, in the
penalty of five hundred thousand dollars, with condition faithfully to ac-
count for and pay over, when and as required, whatever amount may. at
the time such bond is given, be on deposit in said bank to the credit of the
Commonwealth and such other sums as may hereafter be deposited in said
bank on behalf of the Commonwealth, and with further condition to pay
the State not less than two and a half per centum per annum on daily
balances and for the faithful discharge by the said bank of all the duties
and obligations pertaining to it as such depository.

If either of the said banks fail or refuse to procure such bond, to be
given within ten days after being notified by the governor that the bond
is required, or if, when the bond has been procured to be given, the
governor refuses to approve and accept the same, or if, at any time after
such bond has been given by the depository and accepted by the gov-
ernor, the depository fail or refuse to pay the checks of the treasurer upon
the warrant of the proper auditor, or to pay the interest on deposits as
hereinbefore required, or to discharge any other duty or to meet any
other obligation pertaining to it as such depository, in any such case all
moneys on deposit in,the said bank to the credit of the Commonwealth
shall be immediately transferred from the said bank to such of the other
banks before designated as have furnished the bond aforesaid and not
broken its condition, or to any or either of them, and no further deposit
of the public money shall be made in such bank.

If cach and all of the said designated depositories fail or refuse to
give the bond hereinafter required, or if, where such bonds have been
given and accepted, there has been a breach of the condition of each and
all of them, or if, at any time, the treasurer shall have reason to believe
that none of them is a safe depository of the publie money, in any such
case the treasurer shall certify that fact to the governor in a written com-
munication to him, and thereafter shall keep the public money in such
place or places as the governor, by writing, shall direct, until further
provisions be made by law. Until such provisions be made, moneys paid
into or out of the public treasury may, if the governor deem it necessary.
and so instruct the treasurer, be received and paid on the warrant of the
proper auditor, requiring the treasurer to receive or pay the same, with-
out any deposit made or check drawn, as prescribed by the preceding
section. It shall, however, be the duty of the governor in such cases, if
practicable, to designate as temporary depositories such banks or bankers
as will consent to pay interest on the public deposits as hereinbefore re-
quired, and are competent to continue the system of receipts and dis-
bursements required by law: but he shall require of any such temporary
depository, and any other that may be designated by him, under the
provisions of this section, bond, with good security, in a penalty sufficient
to cover the amount of the public money to be deposited with the same
condition as that prescribed for the bond to be given by one of the banks
named as State depositories as aforesaid.

The governor, whenever in his opinion the bond of any depository is
insufticient. may require of such depository a new bond, or an additional
bond, with sufficient surety. to be given within a reasonable time, in suck
penalty as the governor shall prescribe; and if the depository {
refuse to give such new bond, or an additional bond, when require
public money on deposit with such depository shall be transferred
or more of the State depositories, or if there be none such at th
authorized to receive such deposits, to such depository as he may
nate.

Before the governor shall approve and accept any bond tendered
the provisions of this section, he shall take the opinion of the att
zeneral thereon, and institute an inquiry through such agencies as |
employ as to the solvency of the obligors, and the efficiency of th
in all respects. The Commonwealth shall have the like remedy up
bond given under this section in all respects as provided by law in |
to the bond of a county or city treasurer failing to pay the amo
public taxes with which he is chargeable, except that the proceeding
he conducted by the treasurer instead of the auditor.

2. All acts and parts of acts inconsistent with this act are her
pealed.