Chap. 88.—An ACT to amend and re-enact section 753 of the Code of Virginia,
as amended and re-enacted by an act approved March 12, 1908, entitled
an act to amend and re-enact section 753 of the Code of Virginia, as
amended and re-enacted by an act approved March 15, 1904, entitled 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 approved
March 10, 1906.

Approved March 3, 1910.

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 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 deposi-
tories, 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 and re-enacted by an act of like title
approved March tenth, nineteen hundred and six, as amended and re-en-
acted by an act approved March twelfth, nineteen hundred and eight, 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 deposito-
ries—to-wit: Planters National Bank, of Richmond, Virginia; the First
National Bank, of Richmond, Virginia; the National Bank of Virginia;
the Merchants National Bank; the American National Bank, of Rich-
mond, Virginia; the National State Bank, of Richmond, Virginia; and
the Broad Street Bank, of Richmond, Virginia; American National Bank,
of Lynchburg, Virginia; Radford Trust Company, of Radford, Virginia ;
the National Exchange Bank, of Roanoke, Virginia; the Bank of Hamp-
ton, of Hampton, Virginia; the Bank of Richmond, Incorporated, at
Richmond, Virginia; the Bank of Commerce and Trusts, at Richmond,
Virginia, and the First National Bank, of Pearisburg, Virginia, and the
Seaboard Bank, Incorporated, of Norfolk, Virginia; Alexandria National
Bank, of Alexandria, Virginia; the First National Bank, of Wytheville,
Virginia, and the Greenesville Bank, of Emporia, Virginia, and the Pe-
tersburg Savings and Insurance Company, of Petersburg, 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 any 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 and for the faithful
discharge by the said bank of all the duties and obligations pertaining to
it as such depository. Any such bank may deposit with the treasurer of
the State as a part of such bond, bonds of the State of Virginia to be held
upon the game conditions and trusts for the protection and indemnity of
the State stipulated above in relation to the bond to be given hereunder,
and the amount of such bond may be diminished by the amount of State
bonds so deposited with the treasurer of the State: provided, that the ag-
gregate of the amount of the bond so given, together with the amount of
State of Virginia bonds so deposited, shall not be less than five hun-
dred thousand dollars

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 gov-
ernor 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 governor, the
depository fail or refuse to pay the checks of the treasurer upon the war-
rant of the proper auditor, or to pay the interest on deposits as herein-
before 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 treas-
urer 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 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, re-
quiring the treasurer to receive or pay the same, without 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 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 pre-
scribed for the bond to be given by one of the banks named as State de-
positories as aforesaid.

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 aé 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 efficieney of the
bond in all respects. Tle Commonwealth shall have the like remedy upon
any bond given under this section in all respects as provided by Jaw 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 re-
pealed.

3. An emergency is hereby declared existing, and this act shall be in
force from its passage.