Chap. 235.—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, as amended and re-enacted by an act ap-
proved March 10, 1906. .

Approved March 12, 1908.

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-enacted 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 de-
positories,” 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, as amended an re-enacted by an act of like
title approved March tenth, nineteen hundred and six, 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
Richmond, Virginia; the First National Bank, of Richmond; the Na-
tional Bank of Virginia; the Merchants National Bank; the American
National Bank, of Richmond, Virginia; the National State Bank, of
Richmond, and the Broad Street Bank, of Richmond, Virginia; Amer-
ican National Bank, of Lynchburg, Virginia; Radford Trust Company,
of Radford, Virginia; the National Exchange Bank, of Roanoke, Vir-
ginia; the Bank of Hampton, of Hampton, Virginia; the Bank of
Richmond, Incorporated, at Richmond, Virginia; the Bank of Com-
merce and Trusts, at Richmond, Virginia; the First National Bank of
Pearisburg, Virginia, and the Atlantic Trust and Deposit Company, of
Norfolk, Virginia.

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 account 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 de-
posits 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 public moneys shall be made in such bank.

If each 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 public money, in
any such case the treasurer shall certify that fact to the governor in a
written communication 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
money paids 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, without any deposit made or check drawn, as pre-.
scribed by the preceding section. It shall, however, be the duty of the
governor in such cases, if practicable, to designate as temporary de-
positories such banks or bankers as will consent to pay interest on the
public deposits as hereinbefore required, and are competent to continue
the system of receipts and disbursements 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 afore-
said.

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

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

2. All acts and parts of acts inconsistent with this act are hereby
repealed.