CHAP. 335.—An ACT to amend and re-enact section 7538 of the Code of
Virginia, as amended and re-enacted by an act approved March 3,
1910, entitled an act to amend and re-enact section 753 of the Code of
Virginia, as amended and re-enacted by an act approved Maren 15,
1904, 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 10,
1906, entitled an act to amend and re-enect 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, in relation to State depositories, as amended and re-enacted
by an act approved March 3, 1910.

Approved March 14, 1912.

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 depositories, 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 depositories,
approved March fifteenth, nineteen hundred and two, and as
amended in relation to State depositories, approved April sec-
tion seven hundred and fifty-three of the Code of Virginia, as
amended in relation to State depositories, approved April sec-
ond, 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-enacted by an
act approved March twelfth, nineteen hundred and eight, as
amended and re-enacted by an act approved March third, nine-
teen hundred and ten, 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 deposito-
ries; when new bonds; State remedy on bonds.—Moneys to be
hereafter paid into the public treasury of the State shall be de-
posited in the following banks, hereby designated as State de-
positories—to-wit; planters national bank, of Richmond, Vir-
ginia; the first national bank, of Richmond, Virginia; the na-
tional bank of Virginia; the merchants national bank, of Rich-
mond, Virginia; the American national bank, of Richmond,
Virginia; the national state and city 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 Hampton, of Hampton,
Virginia; Richmond bank and trust company; first national
bank of Portsmouth, Virginia; Covington national bank, at
Covington, Virginia; the bank of commerce and trusts, at Rich-
mond, Virginia, and the first national bank, of Pearisburg,
Virginia, and the seaboard bank, incorporated, of Norfolk, Vir-
ginia; Alexandria national bank, of Alexandria, Virginia; the
first national bank, of Wytheville, Virginia, and the Greenes-
ville bank, of Emporia, Virginia, and the Petersburg savings and
insurance company, of Petersburg, Virginia; the Jefferson na-
tional bank, of Charlottesville, Virginia; Virginia national bank,
of Norfolk, Virginia; the bank of Salem, Salem, Virginia;
Norfolk national bank, of Norfolk, Virginia; first national
bank, of Abingdon, Virginia; Commonwealth bank, incorpo-
rated, Richmond, Virginia; the bank of Waverly, of Waverly,
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 common-
wealth, and such other sums as may hereafter be deposited in
suid bank on behalf of the commonwealth, and with further con-
dition to pay the State not less than two and a half per centum
per annum on daily balances, and for the faithful discharge by
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 deposi-
tory. 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 same conditions and trusts for the protection and in-
demnity of the State stipulated above in relation to the bond to
be given hereunder, and the amount of such bond may be dimin-
ished by the amount of State bonds so deposited with the treas-
urer of the State: provided, that the aggregate 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 hundred 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 governor refuses to approve and accept the same,
or if, at any time after such bond has been given by the deposi-
tory and accepted by the governor, 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 re-
quired, or to discharge any other duty or to meet any other obli-
gation pertaining to it as such depository, in any such case all
monevs on deposit in the said bank to the credit of the common-
wealth 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 re-
fuse to give the bond hereinafter required, or if where such bonds
have been given and accepted, there has been a breach of the con-
dition 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 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, 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, tc
designate as temporary depositors 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 se-
curity, 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 de-
positories as aforesaid.

The governor, whenever in his opinion the bond of any de-
pository 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
designate.

Before the governor shall approve and accept any bond ten-
dered under the provisions of this section, he shall take the opin-
ion 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 pro-
ceedings shall be conducted by the treasurer instead of the
auditor.

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